Applied Materials plans to double its revenue in the coming years without a proportional increase in its workforce. CEO Gary Dickerson said the company will use artificial intelligence to improve productivity and efficiency, avoiding the need to double its headcount as the business grows.
The company plans to integrate AI into product development, quality control and customer-site operations to boost chip manufacturing yields. Some departments that have adopted AI have already seen efficiency gains of up to 50%.
The announcement came ahead of an event for the company’s new development hub. Applied Materials did not provide specific timelines or hiring forecasts.
At an investor day presentation, the company also outlined long-term financial targets for 2030. Its stock fell during the day’s trading session.