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business1d ago
ASML becomes Europe's most valuable company ever as analysts bet on higher EUV output — its market cap hit $674 billion this week
- ASML becomes Europe’s most valuable company with a market cap near $668 billion after bullish EUV output notes from JPMorgan and Morgan Stanley.
- Analysts forecast higher EUV output, with JPMorgan targeting €1,900 and Morgan Stanley €1,660 per share.
- ASML could deliver more than 110 low-NA EUV systems without adding new building capacity, per JPMorgan analysis.
- ASML plans expansion at Brainport Industries Campus in Eindhoven to boost capacity, with work starting in Q3 2026.
- ASML’s dominant position faces long-term risks despite its monopoly on leading-edge lithography tools.
- The chip industry relies on EUV output as each leading-edge wafer goes through ASML scanners.
- ASML shares have gained about 50% this year, lagging the broader AI-driven semiconductor rally.
- ASML remains Europe’s largest listed company after surpassing SAP, with new peers like HSBC and Roche following behind.
- Competition and alternate lithography approaches are being explored, including Substrate and others, though replacements are unlikely soon.
- ASML’s High-NA EXE:5200B and other tools remain pricey, with prices up to hundreds of millions per unit.
- ASML’s financial optimism is linked to near-term shipments and the campus expansion, not immediate capacity relief.
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