ASML becomes Europe's most valuable company ever as analysts bet on higher EUV output — its market cap hit $674 billion this week
ASML became Europe’s most valuable company, reaching a market cap of about $668 billion (passing Novo Nordisk’s June 2024 record), after JPMorgan and Morgan Stanley said ASML can ship more EUV systems than previously assumed. JPMorgan raised its target to €1,900 and Morgan Stanley to €1,660, citing capacity and Brainport expansion. EUV is a key bottleneck for advanced chip output.
Higher assumed EUV shipment capacity reduces perceived supply bottlenecks for leading-edge logic, supporting ASML earnings power and sentiment.
JPMorgan and Morgan Stanley raised ASML price targets on the thesis it can ship >110 low-NA EUV systems without new capacity, vs ~90 assumed.
Near-term upside bias for ASML as the market reprices EUV output capacity; volatility likely around any pushback on shipment feasibility.
Background
ASML is the sole supplier of EUV lithography scanners used for leading-edge logic; EUV output is a key constraint for advanced-node production.
Why it matters
Analyst notes argue ASML can exceed prior low-NA shipment ceilings without adding building capacity, supported by comments about Brainport expansion starting Q3 2026.
Market relevance
The market is repricing ASML’s near-term EUV output capacity, which directly affects perceived supply for leading-edge logic production.
Market effects
If EUV supply constraints ease, read-across supports leading-edge wafer demand visibility for downstream fabs and AI compute supply chains.
Reinforces European semiconductor equipment leadership narrative; may attract incremental cross-Atlantic capital to EU tech/semicap.
EUV is a global chokepoint; higher output expectations can shift worldwide advanced-node capex/scheduling assumptions.
Alternative perspectives
Rival lithography (nanoimprint, particle-accelerator X-ray) may not replace EUV soon, but it can still pressure long-duration pricing power and capex timing assumptions.
The article flags the Brainport campus as potentially only the start of a multi-phase build; any execution delays or capacity ramp slippage could invalidate the >110 shipment assumption.
Key entities
- companyASML
Dutch EUV lithography equipment supplier; analyst notes cite higher low-NA shipment capability and PT increases.
- financial_institutionJPMorgan
Raised ASML price target to €1,900 and argued >110 low-NA EUV systems possible without new capacity.
- financial_institutionMorgan Stanley
Raised ASML price target to €1,660; cited Brainport expansion comments from April AGM.
