Shares of Onto Innovation surged 13% to reach $129.23 following the company's announcement of finalizing more than $100 million worth of orders for their flagship product, the Dragonfly G3 inspection system.

Impressive Growth and Outlook

Onto Innovation's stock hit a remarkable 52-week high of $134.28, showcasing a staggering 76% increase over the past year. With deliveries scheduled through the first quarter of 2024 and new orders extending into the second half of the same year, the company's growth trajectory seems promising.

Catering to Leading Manufacturers

These significant orders stem from renowned logic and memory manufacturers. The packages they seek to acquire combine a graphics processor with multiple high bandwidth memory devices, resulting in an all-in-one AI GPU package.

Tapping into a Booming Market

Onto Innovation anticipates further orders in 2024 due to the expanding demand for AI GPUs. Industry estimates, particularly those by the International Data Corporation and JP Morgan, suggest that the AI GPU market will experience an impressive annual growth rate of 40% over the next four years.

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