Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>As with US efforts to thwart Chinese smuggling of chips to meet its AI demand, China cannot fully stop US smuggling of REEs and high-powered permanent magnets.</li>
<li>Chinese official policy holds that applying export controls to rare earths is consistent with international practice because they can be used for both civilian and military purposes.  </li>
<li>U.S. is 80% import-dependent on REEs, with China supplying 80% of those imports. It is a 100% net importer of REEs produced via China's magnet rare earth concentrate (mREC) process.</li>
</ul>


As with US efforts to thwart Chinese smuggling of chips to meet its AI demand, China cannot fully stop US smuggling of REEs and high-powered permanent magnets.
Chinese official policy holds that applying export controls to rare earths is consistent with international practice because they can be used for both civilian and military purposes.  
U.S. is 80% import-dependent on REEs, with China supplying 80% of those imports. It is a 100% net importer of REEs produced via China's magnet rare earth concentrate (mREC) process.


Rare Earth Elements: U.S. SMUGGLING ILLICITS CHINA CRACKDOWN !!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>ASML holds a near-monopolistic position in the critical market for advanced semiconductor lithography systems, particularly with its exclusive Extreme Ultraviolet (EUV) technology, making it an indispensable partner for leading chipmakers.</li>
 <li>The company is poised for significant growth, driven by secular tailwinds including the proliferation of Artificial Intelligence (AI), high-performance computing, and the increasing complexity of semiconductors, which fuels demand for its cutting-edge equipment.</li>
 <li>While the long-term outlook is robust, the stock's high valuation presents a risk, and the company's performance is subject to the cyclical nature of the semiconductor industry, geopolitical tensions, and potential supply chain disruptions.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  ASML holds a near-monopolistic position in the critical market for advanced semiconductor lithography systems, particularly with its exclusive Extreme Ultraviolet (EUV) technology, making it an indispensable partner for leading chipmakers.
  The company is poised for significant growth, driven by secular tailwinds including the proliferation of Artificial Intelligence (AI), high-performance computing, and the increasing complexity of semiconductors, which fuels demand for its cutting-edge equipment.
  While the long-term outlook is robust, the stock's high valuation presents a risk, and the company's performance is subject to the cyclical nature of the semiconductor industry, geopolitical tensions, and potential supply chain disruptions.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: ASML Holding NV (ASML US) - Aug 2026

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>ASML Holding N.V. is the world's leading supplier of photolithography systems to the semiconductor industry, and the sole global supplier of extreme ultraviolet (EUV) lithography used to manufacture the most advanced microchips.</li><li>Headquartered in Veldhoven, the Netherlands, it sells EUV, deep ultraviolet (DUV) and metrology systems, complemented by a large, recurring Installed Base Management (service and upgrade) business.</li><li>In FY2025, ASML reported total net sales of €32.7 billion at a 52.8% gross margin, net income of €9.6 billion and a year-end backlog of €38.8 billion, anchored by a near-monopoly in leading-edge lithography. </li></ul>

ASML Holding N.V. is the world's leading supplier of photolithography systems to the semiconductor industry, and the sole global supplier of extreme ultraviolet (EUV) lithography used to manufacture the most advanced microchips.Headquartered in Veldhoven, the Netherlands, it sells EUV, deep ultraviolet (DUV) and metrology systems, complemented by a large, recurring Installed Base Management (service and upgrade) business.In FY2025, ASML reported total net sales of €32.7 billion at a 52.8% gross margin, net income of €9.6 billion and a year-end backlog of €38.8 billion, anchored by a near-monopoly in leading-edge lithography. 

ASML Holding N.V. (ASML) M&A Activity & Strategy Review - July - August 2026

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>ASML Q226 net sales were €9.3 billion, up 6.4% from the €8.7 billion ASML booked in Q126 and up 21.2% from the €7.7 billion it reported a year earlier.</li>
<li>ASML expects Q3 2026 total net sales between €11.0 billion and €12.0 billion, and a gross margin between 55% and 57%</li>
<li>ASML announced 30% capacity increases for both low-NA EUV and DUV immersion tools for delivery in 2027. They are investigating a further 30% increase for both for 2028. Yikes!</li>
</ul>


ASML Q226 net sales were €9.3 billion, up 6.4% from the €8.7 billion ASML booked in Q126 and up 21.2% from the €7.7 billion it reported a year earlier.
ASML expects Q3 2026 total net sales between €11.0 billion and €12.0 billion, and a gross margin between 55% and 57%
ASML announced 30% capacity increases for both low-NA EUV and DUV immersion tools for delivery in 2027. They are investigating a further 30% increase for both for 2028. Yikes!


ASML Q2 2026. Massive Capacity Expansion Plans Leave Markets Unmoved. But Why?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>The report from ASML Holding N.V. for the second quarter of 2026 reflects continued momentum in demand for its advanced lithography systems, supported by strong customer capex plans in both advanced logic and memory segments.</li><li>Total net sales reached €9.3 billion, exceeding guidance largely due to higher-than-expected Installed Base Management (IBM) sales, which grew to €2.8 billion—around €300 million above projections—primarily driven by additional upgrades.</li><li>Net system sales totaled €6.6 billion, split nearly evenly between logic (51%) and memory (49%), with EUV systems accounting for €3.8 billion of sales, including High-NA system contributions.</li></ul>

The report from ASML Holding N.V. for the second quarter of 2026 reflects continued momentum in demand for its advanced lithography systems, supported by strong customer capex plans in both advanced logic and memory segments.Total net sales reached €9.3 billion, exceeding guidance largely due to higher-than-expected Installed Base Management (IBM) sales, which grew to €2.8 billion—around €300 million above projections—primarily driven by additional upgrades.Net system sales totaled €6.6 billion, split nearly evenly between logic (51%) and memory (49%), with EUV systems accounting for €3.8 billion of sales, including High-NA system contributions.

ASML’s €3.8 Billion EUV Quarter Builds A Lithography Powerhouse!

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)

Rare Earth Elements: U.S. SMUGGLING ILLICITS CHINA CRACKDOWN !!

As with US efforts to thwart Chinese smuggling of chips to meet its AI demand, China cannot fully stop US smuggling of REEs and high-powered...

David Mudd

Primer: ASML Holding NV (ASML US) - Aug 2026

ASML holds a near-monopolistic position in the critical market for advanced semiconductor lithography systems, particularly with its exclusive...

αSK Primers

ASML Holding N.V. (ASML) M&A Activity & Strategy Review - July - August 2026

In FY2025, ASML reported total net sales of €32.7 billion at a 52.8% gross margin, net income of €9.6 billion and a year-end backlog of €38.8...

VRS (Valuation & Research Specialists)

ASML Q2 2026. Massive Capacity Expansion Plans Leave Markets Unmoved. But Why?

ASML announced 30% capacity increases for both low-NA EUV and DUV immersion tools for delivery in 2027. They are investigating a further 30%...

William Keating

ASML’s €3.8 Billion EUV Quarter Builds A Lithography Powerhouse!

The report from ASML Holding N.V. for the second quarter of 2026 reflects continued momentum in demand for its advanced lithography systems,...

Baptista Research

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