Stoxx 600, DAX, FTSE, CAC, ASML

LONDON — European stocks opened higher Thursday, led by AI chip stocks which surged following record earnings by TSMC.

The pan-European Stoxx 600 advanced 0.34% at 11:30 a.m. in London (6:30 a.m. ET).

Dutch semiconductor equipment maker ASML popped as much as 7% in early dealmaking, sending it to record highs, as investors responded to stronger-than-expected earnings from Taiwan’s TSMC. It was last seen up 4.54%.

TSMC reported a 35% increase in fourth-quarter profit, beating estimates and hitting a fresh record as demand for artificial intelligence chips remained strong.

ASM International advanced as much as 9.54% but was last seen at 8% higher, and BE Semiconductor gained 5%.

UniCredit gained 1.16% in early trade after the Italian bank said Thursday that recent reports that it was planning to buy a stake in rival lender Banca Monte dei Paschi di Siena are “speculative in nature and unjustified” and “pure invention.”

European bank M&A activity is expected to pick up this year — with Italy seen as a deal hotspot — and analysts see MPS as among the key targets. “M&A is a strategic tool for the bank,” UniCredit said in a statement.

Regional investors will be assessing the outcome of a high-stakes meeting between senior officials from the U.S., Denmark and Greenland on Wednesday to discuss the ownership of the Arctic island.

U.S. President Donald Trump’s sees the semi-autonomous Danish territory as critical for national security and has threatened to seize it by force, if necessary.

A meeting at the White House between officials from Greenland, Denmark, and the U.S. Wednesday ended with “fundamental disagreement” over the ownership of the island, a Danish official said following the meeting, but that both sides would continue to talk.

Ahead of the talks, Trump doubled down on acquiring the territory, stating on social media that anything less than Greenland becoming a part of the United States was “unacceptable.”

Iran is also being closely watched after Trump threatened military action against the Islamic Republic if it executed protestors arrested during a violent crackdown on demonstrations around the country.

Trump appeared to soften his tone Wednesday night, however, saying he had been assured that executions had stopped and that he would “watch it and see” regarding potential military action. Iran reopened its airspace early Thursday after a temporary closure barred most incoming and outgoing flights.

Earnings came from Richemont before the bell on Thursday. The luxury goods conglomerate, which owns a bevy of brands such as Cartier, reported a third-quarter sales increase of 4% year-on-year to 6.4 billion euros ($7.4 billion). Third-quarter sales jumped 11% at constant exchange rates. It posted strong growth in most markets, notably in the U.K. and Italy. Its shares were last seen 1.5% lower, paring earlier gains.

Data releases include U.K. GDP for November, which showed 0.3% growth for the month, according to data from the Office for…