The interest in artificial intelligence (AI) applications is heating up thanks to the rising popularity of ChatGPT, OpenAI's Microsoft-backed chatbot. This seems to have triggered a race between tech giants around the globe to build AI applications capable of generating images, audio, text, video, or code based on user prompts.

With the generative AI market expected to grow at a compound annual rate of 34% over the next decade, hitting $200 billion in annual revenue in 2032, it is not surprising to see that the likes of Alphabet, Meta Platforms, Amazon, and others are looking to make the most of this opportunity. Microsoft, for instance, has reportedly made an investment of $10 billion in OpenAI to integrate generative AI into its offerings. Alphabet recently revealed Bard and said that it is working to offer more generative AI services.

With all of that said, this race to develop generative AI applications such as chatbots could be a boon for ASML Holding (NASDAQ: ASML). Let's see how this Dutch semiconductor giant could turn out to be a top AI player in the long run.

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Source Fool.com