Tech stocks rose on Wednesday, after Dutch chip manufacturing equipment maker ASML provided better-than-anticipated earnings and raised its outlook on strong demand for AI chips. The tech-heavy Nasdaq rose roughly .6% on the news.
ASML says that it is also working to increase the overall efficiency that will allow it to produce more extreme ultraviolet (EUV) lithography machines, which are key to manufacturing advanced semiconductors.
ASML stock was largely flat in early trading Wednesday.
The announcement comes after last week's larger sell-off in AI stocks, as Wall Street cycled out of high-tech companies, grabbing profits along the way.