British chip components manufacturer IQE (OTC:IQEPF) has projected its fiscal 2024 results to meet market expectations, driven by a robust order book and the burgeoning artificial intelligence industry.
What Happened: On Wednesday, IQE, a supplier to Apple Inc. (NASDAQ:AAPL), suggested that its fiscal 2024 results would align with market forecasts, buoyed by a growing order book due to the rapid expansion of the AI sector, reported Reuters.
The company produces “epi-wafers,” a sophisticated material used in various products ranging from laser hair removal systems to facial recognition sensors found in Apple’s iPhones.
IQE has been investing in solutions to facilitate more efficient data transfer in data centers, aiming to capitalize on the AI boom that has gripped the semiconductor industry. The company’s financial performance has already shown signs of improvement, with a return to profit in the second half of 2023 as the supply glut eased and customer demand surged.