** KLA Corp KLAC.O shares rallying about 4% to record high on Weds ahead of qtrly results due after the bell, as investors focus on AI-driven chip equipment demand and ongoing China export risks

** Co faces risk from potential broader U.S. bans on chipmaking tool sales to China, which was its largest revenue driver last qtr

** Analysts expect qtrly rev up 12% to $3.17 bln, adj EPS seen at $8.61 vs $7.33 yr-ago, per LSEG

** KLAC stock has nearly doubled YTD, far outpacing Nasdaq's .IXIC roughly 24% rise

** Stock recently at 33x expected earnings, well above 5-yr avg forward PE of 21

(Reporting by Noel Randewich)

((noel.randewich@thomsonreuters.com))