Lam Research's stock surged 6.66% in the after-hours session on Wednesday, following the release of its quarterly financial results.

The semiconductor equipment maker reported fiscal second-quarter revenue of $5.34 billion and adjusted earnings per share of $1.27, both exceeding analyst expectations. Furthermore, the company issued strong guidance for the current quarter, forecasting revenue of approximately $5.7 billion and adjusted EPS of about $1.35, which are significantly above Wall Street estimates.

CEO Tim Archer stated that artificial intelligence is accelerating demand for the company's products, supporting customer growth. The company is seen as a key beneficiary of booming investment in AI infrastructure and memory chips. Analyst firm Mizuho also raised its price target on the stock, reflecting positive sentiment following the results.