ASML Holding NV surged the most since 2020 after booking orders worth twice as much as analysts expected, as the artificial intelligence boom fuels demand for its chipmaking machines.

ASML, the maker of advanced microchip-making equipment, on Wednesday reported better-than-expected earnings after foundries upgraded their machines as its bookings surged ahead of estimates.

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 .

The company posted fourth-quarter orders well above analysts’ expectations as chip makers scrambled for machinery to produce increasingly sophisticated semiconductors.

Netherlands-based ASML lost its title as Europe’s most valuable tech company on Monday when it was caught up in a stock market panic over DeepSeek that also wiped hundreds of billions of dollars from the value of Nvidia,

Dutch semiconductor equipment maker ASML on Wednesday reported better-than-expected net sales and profit results for the fourth quarter.