ASML Surges 64%, Yet Trades At Cheapest Relative Valuation In A Decade - TradingView

ASML's stock surged 64% in 2026, reaching new highs, yet trades at the cheapest relative valuation in a decade. While the company benefits from strong AI and chip demand, investors are concerned about... Read original →

ASML’s surging stock price amid its lowest relative valuation in a decade reveals a market split between acknowledging its technological monopoly and doubting its monetization prowess. Technologically, any delay in EUV shipments directly bottlenecks advanced node ramping at TSMC and Samsung, undermining AI chip yields below 3nm. Geopolitically, tightening U.S. export controls force ASML to reconfigure global support infrastructure, inflating service costs and slowing customer response times. Competitors like Applied Materials are exploiting this uncertainty by pushing multi-patterning alternatives where EUV adoption lags. Over the next 12–24 months, the real long-tail impact hinges not on unit shipments but on whether ASML can prove pricing power through software subscriptions or capacity-lock agreements—without that, even irreplaceable dominance won’t earn premium valuation.