Tower Semiconductor shares jump after Q1 earnings beat on AI-driven demand

Tower Semiconductor (NASDAQ:TSEM) reported better-than-expected financial results for the first quarter and issued an upbeat outlook, sending its shares 12% higher on Wednesday morning. For the quarter ended March 31, 2026, Tower Semiconductor reported revenue of $413.6 million, compared with $358 million a year earlier, representing 15% year-over-year growth and above consensus estimates of about $408 million.