Shares of Analog Devices advanced as the chip maker's better-than-expected quarterly earnings and guidance curbed some investor jitters about artificial-intelligence infrastructure stocks.

Analog Devices posted adjusted earnings of $3.45 a share in the fiscal third quarter, up from $2.05 a year ago and above Wall Street's call for $3.34. Revenue grew 40% to $4.02 billion, beating the analyst consensus expectation of $3.92 billion, according to FactSet.

For the fiscal fourth quarter, Analog Devices guided for adjusted earnings between $3.71 and $4.01 a share and revenue of $4.3 billion, plus or minus $100 million. Wall Street forecasts earnings of $3.54 a share on revenue totaling $4.08 billion, according to FactSet.

Analog Devices stock rose 2% to $384.39 in premarket trading on Wednesday after ending Tuesday down 3.5%. Shares enter the trading session on Wednesday up 39% this year and have gained 63% over the past 12 months on surging demand for the analog semiconductors used in various consumer and industrial applications.

Among its peers on Wednesday, Texas Instruments was up 0.5%, ON Semiconductor was a fraction higher, and Microchip Technology fell 0.5%.