Synopsys raised its annual revenue and profit forecast on Wednesday in anticipation of robust demand for its software to design advanced chips driving artificial intelligence applications. The AI-boom has boosted investments in custom design of chips as tech firms are racing to dominate the lucrative technology with new innovations, triggering demand for companies such as Synopsys. Chief Executive Sassine Ghazi said demand for the company's core products remained strong, with revenue from them expected to grow 15% this year as customers design their own chips for AI and other purposes.
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Nvidia also reported large revenue gains in its first quarter earnings report Wednesday.