British chip components manufacturer IQE (OTC:IQEPF) has projected its fiscal 2024 results to meet market expectations, driven by a robust order book and the burgeoning artificial intelligence industry.

What Happened: On Wednesday, IQE, a supplier to Apple Inc. (NASDAQ:AAPL), suggested that its fiscal 2024 results would align with market forecasts, buoyed by a growing order book due to the rapid expansion of the AI sector, reported Reuters.

The company produces "epi-wafers," a sophisticated material used in various products ranging from laser hair removal systems to facial recognition sensors found in Apple's iPhones.

IQE has been investing in solutions to facilitate more efficient data transfer in data centers, aiming to capitalize on the AI boom that has gripped the semiconductor industry. The company's financial performance has already shown signs of improvement, with a return to profit in the second half of 2023 as the supply glut eased and customer demand surged.

Despite ongoing global economic uncertainties, IQE expects this positive trend to continue throughout 2024. "We expect to see this improvement continue through 2024 despite persisting uncertainties in the global economy," IQE said.

According to the report, analysts predict the company's revenue for the year ending Dec. 31, 2024, to fall within the range of £133.7 million ($169.53 million) to £153.7 million, with an adjusted core profit of £11.1 million to £16.6 million.

Why It Matters: Meanwhile, Apple has been making significant strides in the AI space, including the latest launch of its ReALM AI model, which reportedly outperforms OpenAI's GPT-4.

Previously, it was also reported that the Tim Cook-led company will unveil its AI strategy at the Worldwide Developers Conference or WWDC, set to occur in June. This move could significantly impact the tech giant's stock, according to Wedbush's Dan Ives.

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"Well, I think that's where [Tim] Cook is gonna unveil the AI strategy... the start of the AI app store, and this is gonna be so important as AI now comes to the Apple ecosystem. And I think this is gonna be a watershed moment for Apple," Ives said earlier this month.

Ives has earlier also said that if the Cupertino, California-based tech giant actually decided to spend money on robots, it would be a "horror show." He went to add that Apple should focus on AI because "If they went after robots, that would be a black eye moment for Apple."

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.