NEW YORK — Veeco Instruments Inc. (NASDAQ: VECO) shares exploded more than 18% in early trading Wednesday, climbing to $58.80 after the semiconductor equipment maker announced over $250 million in new orders for advanced laser manufacturing systems tied to artificial intelligence applications, overshadowing a modest first-quarter earnings miss and sending the stock to its highest level in months.

The dramatic rally added hundreds of millions to the company's market capitalization and marked one of the largest percentage gains on Nasdaq as investors focused on the strong booking momentum and long-term growth potential in high-bandwidth optical components for AI infrastructure.

Veeco reported first-quarter revenue of $158.3 million, slightly below expectations, and swung to a small GAAP net loss of $0.3 million from a profit a year earlier. However, the company highlighted record order activity, particularly in indium phosphide laser systems used in high-performance computing and AI data centers.

Strong Order Momentum in AI Segment

Management announced more than $250 million in multi-product orders for its Spector, Lumina and wet processing systems to support manufacturing of indium phosphide lasers. These orders are expected to drive significant revenue in 2027 and beyond as AI demand continues to accelerate.

CEO Bill Miller emphasized the strategic importance of these wins. "We executed well........

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