India, Feb. 23 -- Major global chip tool makers are on track to log their first double-digit revenue increase in three quarters on growing demand for artificial intelligence computing power.

The combined quarterly revenue for nine chip tool suppliers based in Japan, the U.S. and Europe is projected to grow 16% on the year, based on company guidance and QUICK FactSet analyst surveys. The forecasts cover the January-March quarter for all the companies except Applied Materials, for which the February-April quarter is used.

The revenue gain would be up from the 8% increase in the previous quarter. When range forecasts were given, the median figure was used.

The combined quarterly net profit is expected to jump 20%. This would mark the eigh...