External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points (machine generated)<ul><li>ASML is the only company producing EUV lithography machines for advanced chip fabrication under 7 nanometers.</li><li>The EUV technology involves a complex process using molten tin droplets and lasers to create plasma for radiation.</li><li>ASML has a 100% market share in EUV systems and over 90% in leading-edge DUV tools, after 30 years of development.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)ASML is the only company producing EUV lithography machines for advanced chip fabrication under 7 nanometers.The EUV technology involves a complex process using molten tin droplets and lasers to create plasma for radiation.ASML has a 100% market share in EUV systems and over 90% in leading-edge DUV tools, after 30 years of development.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Asml Holding Nv (ASML) - Sunday, Jul 27, 2025

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Positive Management tone, as always, but no material clarification on 2026 revenues: China down (back to “normal”), Low NA EUV increase, some High NA but that’s still  pre-production.</li>
<li>ASML has many qualities: monopoly, litho intensity increasing. Downside risks: how low China revenue go, is Mngt still double counting TSMC + Intel capacity, expectations for High NA too high?</li>
<li>ASML is a lot more expensive than AMD, NVDA, MU, SK, TSM for very low growth. I don't like Broadcom for same reason: better Price / Growth in AMD, NVDA.</li>
</ul>


Positive Management tone, as always, but no material clarification on 2026 revenues: China down (back to “normal”), Low NA EUV increase, some High NA but that’s still  pre-production.
ASML has many qualities: monopoly, litho intensity increasing. Downside risks: how low China revenue go, is Mngt still double counting TSMC + Intel capacity, expectations for High NA too high?
ASML is a lot more expensive than AMD, NVDA, MU, SK, TSM for very low growth. I don't like Broadcom for same reason: better Price / Growth in AMD, NVDA.


ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Q325 revenues of €7.5 billion, slightly down on the prior quarter and towards the bottom end of the guided range</li>
<li>Looking ahead, the company is forecasting fourth quarter revenues of €9.5 billion at the midpoint, a significant jump QoQ but again in line with prior expectations.</li>
<li>Mood music improved, 2026 revenues "not be below 2025", China sales soared to 42%, but will decline next year, 11% stake in Mistral gets ASML "closer to the AI world"</li>
</ul>


Q325 revenues of €7.5 billion, slightly down on the prior quarter and towards the bottom end of the guided range
Looking ahead, the company is forecasting fourth quarter revenues of €9.5 billion at the midpoint, a significant jump QoQ but again in line with prior expectations.
Mood music improved, 2026 revenues "not be below 2025", China sales soared to 42%, but will decline next year, 11% stake in Mistral gets ASML "closer to the AI world"


ASML Q325 Earnings In Line, Outlook More Positive Compared To Prior Quarter, Big Emphasis On AI

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>CPI came in soft as expected, but rate hike expectations are mixed due to the ongoing conflict</li>
<li>Hong Kong and China platform names are getting a bid as money rotates out of the "hot" markets</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
CPI came in soft as expected, but rate hike expectations are mixed due to the ongoing conflict
Hong Kong and China platform names are getting a bid as money rotates out of the "hot" markets


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.</li>
<li>As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.</li>
<li>CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. </li>
</ul>


CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.
As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.
CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. 


IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.

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ASML Holding NV (ASML US)

Asml Holding Nv (ASML) - Sunday, Jul 27, 2025

ASML is the sole producer of EUV lithography machines, crucial for advanced chip fabrication under 7nm, achieved through decades of research and...

Value Investors Club (VIC)

ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028

ASML's positive management tone lacks material clarification on 2026 revenues. Concerns: China revenue, double counting TSMC + Intel capacity,...

Nicolas Baratte

ASML Q325 Earnings In Line, Outlook More Positive Compared To Prior Quarter, Big Emphasis On AI

Mood music improved, 2026 revenues "not be below 2025", China sales soared to 42%, but will decline next year, 11% stake in Mistral gets ASML...

William Keating

Overview #69 - Tug of War

A review of recent events/data impacting our investment themes and outlook. We look at the impact of soft CPI data on rate expectations & where the...

Rikki Malik

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

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Asml Holding Nv (ASML) - Sunday, Jul 27, 2025

ASML is the sole producer of EUV lithography machines, crucial for advanced chip fabrication under 7nm, achieved through decades of research and...

Value Investors Club (VIC)

ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028

​ASML's positive management tone lacks material clarification on 2026 revenues. Concerns: China revenue, double counting TSMC + Intel capacity,...

Nicolas Baratte

ASML Q325 Earnings In Line, Outlook More Positive Compared To Prior Quarter, Big Emphasis On AI

Mood music improved, 2026 revenues "not be below 2025", China sales soared to 42%, but will decline next year, 11% stake in Mistral gets ASML...

William Keating

Overview #69 - Tug of War

A review of recent events/data impacting our investment themes and outlook. We look at the impact of soft CPI data on rate expectations & where the...

Rikki Malik

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

ASML's positive management tone lacks material clarification on 2026 revenues. Concerns: China revenue, double counting TSMC + Intel capacity,...