ASML becomes Europe's most valuable company ever as analysts bet on higher EUV output — its market cap hit $674 billion this week - Tom's Hardware

Dutch semiconductor equipment manufacturer ASML has become Europe's most valuable company ever, surpassing Novo Nordisk's record valuation of $650 billion. The company's market cap reached $674 billio... Read original →

ASML’s ascent as Europe’s most valuable company underscores the semiconductor industry’s acute dependency on EUV lithography for sub-3nm nodes. Technically, higher output accelerates advanced node ramp-ups, yet High-NA delays still bottleneck yield learning at TSMC, Samsung, and fabs in Taiwan, China. Tightening Dutch export controls reinforce ASML’s near-term monopoly but inflate supply chain redundancy costs for customers, inadvertently boosting state-backed alternatives like Canon’s nanoimprint and Nikon’s multi-beam lithography. Strategically, the U.S. is rebuilding domestic lithography ecosystems, while Japan leverages the U.S.-Japan semiconductor pact to revive local equipment vendors. Over the next 12–24 months, ASML’s valuation already prices in its technological lead; any breakthrough by alternative lithographies beyond 5nm could erode its pricing power structurally.