The CEO of Dutch chipmaking giant ASML warned investors they needed to get used to more DeepSeek-style “elephants in the room” as he projected optimism days after China’s surprise AI chatbot caused turmoil for Western tech stocks.

Shrugging off fears prompted by Chinese AI firm DeepSeek, Dutch computer chip equipment maker ASML on Wednesday reported better than expected fourth-quarter bookings of 7.088 billion euros ($7.39 billion), on strong demand for its advanced tools.

The artificial intelligence boom is a two-edged sword for $290 billion ASML . Shares in the Dutch maker of lithograph machines used to make chips soared by 8% on Wednesday thanks to booming demand from semiconductor manufacturers such as TSMC .

ASML's shares rose by more than 7% today and were up by 4.1% as of 11:03 a.m. ET.

DeepSeek prompted a major sell off of tech stocks this week, but ASML's chief says the artificial-intelligence upstart could boost the chips sector in the longer term. Tech stocks—including ASML—fell

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ASML Holding NV registró el mayor repunte desde 2020 tras registrar pedidos por el doble del valor de lo que esperaban los analistas, mientras el auge de la inteligencia artificial impulsa la demanda de sus máquinas para fabricar chips.

As European stocks stumble from an all-time peak, the stakes are high for corporate earnings from a slate of industry bellwethers including ASML Holding NV this week to revive the rally.

Ordinarily, most investment trusts paying a dividend will seek to cover the cost from their underlying revenue, but one of the strengths of the structure is that boards have the option to salt away income in revenue reserves in the good times and dip into them in leaner times.

U.S. stock indexes slipped Wednesday after the Federal Reserve opted not to cut interest rates for the first time since it began trying to help the economy through easier rates in September.

Latest earnings for four Magnificent Seven stocks are announced this week. Tesla shares fall then rebound after earnings miss