Tower Semiconductor Secures $1.3 Billion AI Chip Order, Revenue Outlook Strengthens

Deep News05-13 21:51

On May 13, Israeli chip foundry Tower Semiconductor provided an updated financial forecast. Driven by robust demand for chips linked to artificial intelligence and data center investment, the company's second-quarter revenue guidance surpassed market expectations. It also announced the signing of a long-term chip supply contract valued at $1.3 billion. Following this news, the company's U.S.-listed shares surged over 17% in early trading. The disclosed $1.3 billion order is intended to supply silicon photonics chips for high-speed data transmission in AI data centers, with related revenue anticipated to be realized in 2027. To secure production capacity, the relevant customer has made a $290 million prepayment to Tower Semiconductor. The company further noted that the customer has committed to placing a larger order in 2028 and plans to arrange subsequent prepayments before January 2027. Regarding recent financial performance, propelled by demand for analog and mixed-signal processors, Tower Semiconductor's first-quarter revenue increased 15% year-over-year to $414 million, slightly exceeding the expected $411 million. Adjusted earnings per share were 65 cents, surpassing the forecast of 56 cents. For the second quarter, the company projects revenue to reach approximately $455 million, exceeding the average analyst estimate of $436.4 million.

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