✨ AI Fever Saves Besi from Economic Downturn
posted 22 Feb 2024
Dutch semiconductor company Besi reported a 16% increase in revenue ($173 million) in the last quarter of 2023, driven largely by strong demand from AI companies. This surge in demand also led to a 37% increase in net profit ($59.9 million) compared to the previous year.
Following the release of this financial report, Besi's shares soared 16%. The company attributed its resilience through the toughest downturn since 2017-2019 to its strategic positioning in the market. Besi's representatives have also noted a continued decrease in demand across nearly all sectors, except for artificial intelligence.
Earlier, OpenAI CEO Sam Altman had encouraged global investors to invest approximately $7 trillion in chip manufacturing, though this initiative has yet to gain traction. Nonetheless, tech companies are forging ahead, developing, purchasing, and deploying AI chips at an industrial scale.
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