Global chip stocks recovered on Thursday after US memory semiconductor manufacturer micron released a revenue forecast that exceeded expectations and boosted its share price.

Micron forecast revenue of $8.7 billion, plus or minus $200 million, for the quarter ending in late November, according to LSEG data, beating estimates of $8.28 billion.

Micron shares rose as much as 16 percent in premarket trading in the U.S. on Thursday.

Shares of larger rivals Samsung Electronics and SK Hynix rose in South Korea on Thursday. Samsung closed up more than 4 percent, while SK Hynix rose more than 9 percent.

SK Hynix received a boost on Thursday with an announcement after the company said it had started mass production of a new version of its high-bandwidth memory (HBM) chips and was aiming for delivery by year-end.

SK Hynix and Micron both supply memory chips for Nvidia’s products designed for artificial intelligence processes in data centers. HBM chips are considered key to AI.

Micron’s results underscored that demand for data center chips remains strong as investors look for signs of whether the rally in AI-related stocks will continue. Micron reiterated that its HBM chips are sold out for 2024 and 2025.

In Japan, shares of Tokyo Electron rose 8%. That increase was fueled in part by comments from the company’s CFO to Nikkei that the company expects AI-related revenue to rise about 15% to 690 billion yen ($4.8 billion) for the current fiscal year.

SoftBank GroupMajority owner of chip designer Arm, rose by more than 4 percent.

The optimism surrounding Asian chip stocks spilled over into Europe.

Dutch manufacturer of semiconductor equipment ASML rose more than 4% in early trading in Europe. Other names, including ASMI, Be semiconductor And STMicro were also significantly higher.