ASML (NASDAQ: ASML) has been a top performer on the stock market so far in 2023 with gains of more than 20%. The returns can be attributed to the semiconductor equipment giant's terrific earnings results released in February and outstanding guidance for the short and the long run.

As such, it won't be surprising to see ASML stock head higher for the remainder of the year. But the best part is that the chipmaker could sustain its impressive momentum for a long time to come and significantly multiply investors' wealth over the next five years. Let's look at the reasons why.

ASML's earnings increased at an annual rate of 27% over the past five years. Analysts anticipate a faster growth rate of nearly 30% for the next five years. The good part is that ASML can likely live up to Wall Street's expectations because the industry it is operating in is set to expand at a faster pace in the future.

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Source Fool.com