ASML becomes Europe's most valuable company ever as analysts bet on higher EUV output

Dutch semiconductor equipment giant ASML became Europe's most valuable company ever in June 2024, surpassing Novo Nordisk's previous record, as analysts raised their expectations for higher EUV output... Read original →

ASML’s ascent as Europe’s most valuable company reflects the AI-driven semiconductor arms race’s acute dependency on EUV capacity. Technically, exceeding 110 low-NA EUV shipments accelerates sub-3nm logic ramp at TSMC and Samsung, yet high-NA yield issues will bottleneck HBM4 and next-gen AI chips through 2026. Geopolitically, Dutch export controls bolster ASML’s pricing power but inflate compliance costs for global foundries—especially those in mainland China. Competitors like Canon and Nikon pushing nanoimprint or advanced DUV are executing tactical workarounds, not viable replacements below 7nm due to fundamental physics limits. Over the next 12–24 months, ASML’s Brainport expansion secures its high-end moat, but any U.S.-led coalition restricting service parts or maintenance access could destabilize its high-margin installed-base revenue model.