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Fortune

Ryan Hogg

ASML boss cites ‘Moore’s law’ for DeepSeek optimism, warns of more AI ‘elephants in the room’

ASML DeepSeek Christophe Fouquet Jeremy Kahn Nvidia Stock Market

Christophe Fouquet, chief executive officer of ASML Holding NV, at the Bloomberg Tech Summit in London, UK, on Tuesday, Oct. 22, 2024. (Credit: Hollie Adams—Bloomberg/Getty Images)

The CEO of Dutch chipmaking giant ASML warned investors they needed to get used to more DeepSeek-style “elephants in the room” as he projected optimism days after China’s surprise AI chatbot caused turmoil for Western tech stocks.

Shares in ASML plunged on Monday alongside other AI companies as $1 trillion was wiped off the stock market in a single day, after Chinese AI chatbot DeepSeek shocked investors with an open-source model that offered comparable performance to U.S. competitors but was allegedly produced at a fraction of the cost.

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