ASML announced that it's cutting around 1,700 positions — mostly at the leadership level — to streamline its operations. Its Technology and IT & Data organizations will be hardest hit by the planned layoffs.

Chip makers’ shares rally after a solid batch of earnings report signal that the AI boom is still driving up demand for semiconductors.

AMSTERDAM, Jan 28 () - ASML has become Europe's most valuable company thanks to its dominance in making lithography systems, huge "chip printing" machines that cost $250 million each and are indispensable ​to firms driving the AI boom.

Europe's tech giant ASML is cutting 1,700 jobs, primarily in technology and IT, to simplify its complex organization and boost efficiency. Despite this, the company reported its 13th consecutive year of sales growth,

The company logged record quarterly orders, showing how tech clients continue to plow money into tools for making sophisticated semiconductors.

ASML Holding NV, the backbone of the global semiconductor industry, announced that it will eliminate approximately 1,700 positions.

ASML Holding N.V. (NASDAQ:ASML) is one of the AI Stocks in Focus on Wall Street. On January 27, BofA Securities analyst Didier Scemama reiterated a Buy rating on the stock with a $1,672.00 price target.

The company logged record quarterly orders of its semiconductor-making equipment and said it expects healthy sales growth this year.