After a volatile summer, ASML Holding NV investors are hoping that its earnings report will underline the chip equipment maker's strong credentials as an artificial intelligence trade with further to run.

Shares in Europe's most valuable technology company have fallen about 20% since a July high, hurt by the prospect of more severe US restrictions on its business in China as well as a broader rotation out of the sector this summer. Those factors overshadowed estimate-beating orders for ASML's machines and ended an AI-fueled rally that had seen the shares almost double in value since the start of 2023.