European stocks hit record highs on Wednesday (29/1), as chip equipment maker ASML (ASML) led tech shares higher after reporting strong quarterly results.
The pan-European STOXX 600 was up 0.5%, as of 0923 GMT, surpassing Tuesday's all-time closing high.
ASML shares jumped 11.2% after the Dutch company reported better-than-expected fourth-quarter orders of 7.09 billion euros ($7.39 billion).
ASML's earnings also reassured investors that the outlook for AI chips remains healthy, as they recovered from a selloff earlier this week triggered by the release of China's DeepSeek model, which uses less computing power than its rivals.
STMicroelectronics, BE Semiconductor and ASM International (ASMI) rose between 2.1% and 7.2%.
Technology was the best performer, jumping 4.5%, and posting its best day in a year.
"Today you see that at least ASML is still benefiting from demand in the chip sector... It seems that for now, concerns about the whole AI and the AI supply chain have been overblown," said Teeuwe Mevissen, Senior Market Economist at Rabobank.
Other AI-exposed stocks such as Schneider Electric (EPA:SCHN) and Siemens (ETR:SIEGn) Energy, which took a hit on Monday, were trading 5.8% and 1.7% higher, respectively.
Meanwhile, Swedish truckmaker Volvo (OTC:VLVLY) jumped about 7% after reporting strong fourth-quarter orders. The stock helped lift the industrial goods sector by 1.3%.
Capping overall gains, LVMH fell 5.6% as the luxury goods group's sales growth failed to impress investors, following a string of strong results from rivals and recent price hikes. (AL)
Source: Investing.com
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