Posted 2/22/2024, 5:10:00 PM
Synopsys Soars to Record High on Strong Earnings and Outlook Driven by Chip and AI Demand
- Synopsys stock soared over 10% to a record high after beating earnings expectations and raising full-year outlook
- Strength driven by semiconductor design software and artificial intelligence platform Synopsys.ai
- Reported 21% revenue growth and improved profit margins
- CEO touted Synopsys's leadership in chip design software and partnerships with AI chip companies like Nvidia
- Stock price has increased 69% over the past year on semiconductor and AI industry tailwinds