TOKYO, Nov 6 (Reuters) - Japanese chip materials maker JSR Corp on Monday slashed its operating profit forecast for the current financial year by 62%, citing a weak recovery in demand for semiconductors and a slowdown in the biotech market.

JSR, which has agreed to be bought by a government-backed fund, now sees a profit of 16 billion yen ($107 million) in the year ending on March 31, 2024, an 84% fall compared to the same period a year earlier.

Investors are debating the recovery path for the chip industry which has been hit by a slowdown in demand for electronics such as smartphones and PCs.

Leading chipmakers such as TSMC and Samsung Electronics have pointed to a boost from investment in artificial intelligence next year.

"We do believe that we have hit the bottom," JSR CEO Eric Johnson told a news conference.

($1 = 149.5200 yen) (Reporting by Sam Nussey; Editing by Kim Coghill)