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

The company posted orders well above analysts’ expectations for the fourth quarter as chip makers scrambled to get their hands on machinery to produce increasingly sophisticated semiconductors.

Amid the market torment, DeepSeek has also sparked excitement. By offering powerful yet affordable open-source models, the startup could accelerate the spread of AI’s benefits across the world. For the sector’s established leaders, however, the landscape has been shaken.