Customers are already lining up to buy advanced chipmaking equipment from ASML for 2029 and 2030, the company said Wednesday, a sign that the artificial intelligence investment boom may have more room to run than some investors feared.

The Dutch company is the biggest maker of the machines used to produce AI chips and other advanced semiconductors. Its customers include TSMC, which manufactures chips for Nvidia, along with Samsung, Intel and others that are spending heavily to expand production. Demand for ASML’s machines has been fueled by that spending, and the company’s latest forecast suggests the wave is not cresting yet.

“There were concerns that the AI trade was running out of steam,” said Gordon Kerr, a European macro strategist at KBRA. He said ASML’s results showed “demand for chips remains strong, and infrastructure spending is likely to continue well into 2027.”

ASML reported third-quarter net profit of €4.96 billion on net sales of €11.7 billion. It forecast fourth-quarter sales of €14.2 billion to €15.2 billion, or $15.9 billion to $17 billion. That lifted its full-year sales outlook to €44 billion to €45 billion, from at least €43 billion previously.

Shares in the company, which is Europe’s largest firm by market value at roughly €586 billion, were up 2% on Wednesday. They have risen almost 70% this year.

The company is now looking to add capacity faster. In July, ASML said it would increase capacity by 30% in 2027 and again by 30% in 2028. Chief Executive Christophe Fouquet said Wednesday that it was clear those increases would not be enough. He said the company is now seeing “a lot of order intake for 2028” and “some strong interest to already place orders for 2029 and sometimes even 2030.”

Those orders are coming from a broad group of customers. ASML also counts SK Hynix and Micron among its clients, as well as newcomer Elon Musk and his TeraFab project, all of which have expansion plans of their own. Chief Financial Officer Roger Dassen said on a call with reporters that ASML is “still kicking the tyres on the exact size of that (TeraFab) opportunity.”

ASML broke ground last month on a major expansion in Eindhoven, Netherlands. However, the first phase of that project will not be completed until 2029, so the company will need other ways to meet demand in the meantime. Dassen said ASML will upgrade existing tools and sell new versions of its machines with higher throughput. He also said the company will raise prices starting in 2027, with the full effect showing up in 2028.

Nick Rossolillo of Chip Stock Investor, which holds shares in ASML, said he was satisfied with the pace of capacity additions “as long as they do gradually expand to take care of customer demand.”

Analysts see growth continuing for now, but they are already looking further ahead. Ben Barringer, head of technology research at Quilter Cheviot, said durable growth would continue into 2027 and 2028. He added that the market will soon begin asking whether there will be any sign of a downturn from 2029 and what impact that would have on ASML.

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