Tokyo Electron Lifts Outlook in Sign of AI-Spurred Chip Spending

Tokyo Electron Ltd. raised its full-year outlook even after its quarterly profit missed estimates and said it sees a surge in spending by chipmakers eager to ride an AI spending wave.

The supplier of semiconductor tools now expects operating profit of ¥593 billion ($3.8 billion) in the year to March, up from its previous outlook of ¥586 billion but below expectations.