Cadence raises annual forecasts as demand booms for AI chip design

July 27 : Cadence Design Systems raised its annual revenue and profit forecasts on Monday, banking on robust demand for its AI-powered chip and system design software.Shares of the company rose more than 5 per cent in extended trading.The company's electronic design automation (EDA) tools are used to design and validate semiconductors and electronic systems.Here are some details: • Demand has risen sharply for Cadence's software as chipmakers and technology companies develop increasingly sophisticated systems-on-chip (SoCs) and AI accelerators.• Its customers include AI-chip leader Nvidia and iPhone-maker Apple.• Cadence now expects 2026 revenue to be between $6.26 billion and $6.34 billion, up from its prior projection of $6.13 billion to $6.23 billion.• On average, analysts were expectin