Dutch technology giant and Europe's largest company by market cap, ASML, reported on Wednesday another strong quarterly result and raised its sales forecasts on thriving demand for AI systems.
ASML is a critical cog in the global economy and a key bellwether for the tech sector, as everything from smartphones to missiles relies on the semiconductors crafted with its tools.
Investors were watching the results especially closely after several sharp sell-offs in the tech sector over fears the AI bubble might be approaching its bursting point.
But the firm's chief executive officer, Christophe Fouquet, said AI was still pushing his business forward.
"Ongoing AI-related investments and continued progress in AI technologies are driving demand for advanced Logic and Memory chips, further strengthening the semiconductor industry's growth outlook," said Fouquet in a statement.
