Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration

(Reuters) -Lam Research forecast second-quarter revenue above Wall Street estimates on Wednesday, as chipmakers ordered more of its equipment used to manufacture semiconductors for artificial intelligence applications.

Shares of the Fremont, California-based company rose 2.2% in trading after the bell. The stock has doubled so far this year, supported by strong demand for AI semiconductors as chip designers seek equipment to create processors capable of meeting growing computing needs.

A boom in demand for AI-powered chips has bolstered demand for companies that provide wafer fabrication equipment (WFE), which are sophisticated and expensive tools to make chips, helping firms including Lam.

Lam develops tools essential for semiconductor manufacturing. Its products are primarily used in a wide range of wafer processing and wiring of semiconductor devices.

The company faces stiff competition from Analog Devices, Applied Materials and the Netherlands' ASML, among others.

The company expects revenue of $5.20 billion, plus or minus $300 million, for the ongoing quarter ending December 28, compared with analysts' estimate of $4.81 billion, according to data compiled by LSEG.

It expects adjusted net income per share of $1.15, plus or minus 10 cents, compared to an estimate of $1.04.

Lam posted revenue of $5.32 billion for the three months ended September 28, compared with market estimates of $5.23 billion.

Excluding items, the company reported a profit of $1.26 per share, compared with estimates of $1.22.

(Reporting by Juby Babu in Mexico City; Editing by Shreya Biswas and Maju Samuel)