(Bloomberg) -- ASML Holding NV, the Dutch maker of advanced chip-making machines that are critical to global supply chains, reaffirmed its long-term revenue outlook as it bets on an artificial intelligence-driven boom in semiconductor demand.

Most Read from Bloomberg

• Under Trump, Prepare for New US Transportation Priorities

• NYC Congestion Pricing Plan With $9 Toll to Start in January

• Zimbabwe City of 700,000 at Risk of Running Dry by Year-End

• Saudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency Sace

• In Cleveland, a Forgotten Streetcar Bridge Gets a Long-Awaited Lift

The Dutch firm projected that sales in 2030 will range from €44 billion ($46 billion) to €60 billion, in line with its previous forecast, according to a statement issued as part of the company’s investor day on Thursday.

The outlook is meant to reassure investors after the company’s order intake significantly missed analysts’ estimates in the third quarter, sparking a selloff in its shares and those of other chip-related businesses. Chipmakers such as Nvidia Corp. have enjoyed a boom in demand for their AI chips. But sales to other key buyers, including automakers and mobile phone and PC manufacturers, have remained mired in a prolonged slump.

ASML shares rose as much as 7.1% in Amsterdam on Thursday, the biggest intraday gain since July 31.

“A few weeks ago, we had a bit of a conservative view for 2025,” Chief Executive Officer Christophe Fouquet said at the investor day. “In many ways, this is related to the change of the market. But when it comes to 2030, we are still very, very bullish.”

ASML expects growing AI demand will help boost global chip sales to over $1 trillion by 2030, which it said represents an annual growth rate in the semiconductor market of about 9%.

ASML is the only company in the world that makes the kind of lithography machines that help semiconductor companies in turn produce the advanced chips powering everything from Apple Inc.’s smartphones to Nvidia’s AI accelerators. As such, it is often viewed as a bellwether for the broader industry and an early indicator of global semiconductor demand.

Manufacturing more cutting-edge AI chips will mean more of ASML’s advanced extreme ultraviolet lithography machines will be needed by semiconductor makers. The company foresees double-digit growth in EUV spending annually through 2030 for both advanced logic and DRAM.

The company forecast a gross margin of between approximately 56% and 60%? in 2030.

While ASML in October cut its sales outlook for next year, it said on Thursday it will maintain its spending priorities. ASML currently has an ongoing €12 billion buyback through 2025 of which only 14% has been repurchased.