ASML investors bet on ‘picks and shovels’ of AI revolution

Investors in Europe’s most valuable listed company are betting the chip-equipment maker can raise financial forecasts when it reports first-quarter earnings on Wednesday, as demand for artificial intelligence chips keeps orders for its machines running flat out.

Shares in the Netherlands-based company have risen more than 40% so far this year, lifted by the rapid construction of data centres and booming demand for cutting-edge chips from customers such as Nvidia, which rely on ASML’s tools.