Shares in ASML have bounced back from the hit inflicted by DeepSeeks AI advances. Celebrating the results, ASML predicted that the sudden emergence of low-cost models will boost demand for the firms semiconductor machines.The companys stock price rose by over 10% on Wednesday after the Dutch business reported impressive orders for its chip-making equipment. The tools produce the most advanced semiconductors in the world and ASML is the only company that manufactures them.This dominant position has made ASML the second most valuable tech firm in Europe. But the business was shaken on Monday by DeepSeeks rapid AI progress.Last week, the Chinese company released a new chatbot and models with a stunning blend of high performance and low cost.The of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!The results sent tech stocks spiralling. Nvidia set an alarming precedent, suffering the largest rout in market history.Shares in ASML slumped by as much as 12%. But the company has been reinvigorated by strong results from 2024.The firm reported total annual sales of 28.3bn just above its forecast of 28bn. Net bookings, meanwhile, surged to 7.1bn in the fourth quarter of 2024 169% above the 2.63bn reported in Q3.Christophe Fouquet, ASMLs CEO, expects demand for the companys machines to grow. He told CNBC that the business will benefit from rise oflow-cost AImodels developed by the likes of DeepSeek.A lower cost of AI could mean more applications, Fouquet said. More applications means more demand over time. We see that as an opportunity for more chips demand. Story by Thomas Macaulay Managing editor Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he e (show all) Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he enjoys playing chess (badly) and the guitar (even worse). Get the TNW newsletterGet the most important tech news in your inbox each week.Also tagged with