Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

ASML Q225 Earnings. Solid Results, Forecasting 15% Growth In 2025, Down 7% In Pre Market. But Why?

ASML 2Q25 Conf Call: Trying to Clear Doubts on EUV Growth and China Demand – Short Update

Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

China – US: More US Restrictions on Chinese Firms, but Chinese Equipment Firms Are Growing Fast

No More High N.A. EUV (ASML Next Gen)? Not Accurate. High N.A. Will Come, but Slowly: 2028-29

ASML Downgrades, Semi Production Equipment Demand

Equity Bottom-Up

<ul>
<li>ASML has released 2Q25 financials but the conf call is at 3pm. 2Q25 beat by 10% at Operating and Net Income level. 2Q25 bookings are low at €5.5bn. </li>
<li>3Q25 weak revenue guidance, -9% below Consensus. But ASML maintains its 2025 guidance (+15% YoY or € 32.5bn, inline). Key problem: 1H25 revenue growth 34% YoY, 2H25 growth 2% YoY. </li>
<li>Growth should re-accelerate in 2H26 as the impacts of China lower spending, Mature node lower spending, multiple delays or cuts (Intel, Samsung) are fading away. </li>
</ul>


ASML has released 2Q25 financials but the conf call is at 3pm. 2Q25 beat by 10% at Operating and Net Income level. 2Q25 bookings are low at €5.5bn. 
3Q25 weak revenue guidance, -9% below Consensus. But ASML maintains its 2025 guidance (+15% YoY or € 32.5bn, inline). Key problem: 1H25 revenue growth 34% YoY, 2H25 growth 2% YoY. 
Growth should re-accelerate in 2H26 as the impacts of China lower spending, Mature node lower spending, multiple delays or cuts (Intel, Samsung) are fading away. 


ASML 2Q25 Beat but the Steep Slowdown in 2H25 Is Confirmed, It Will Most Likely Extend to 1H26

ASML Holding NV

ASML 2Q25 Beat but the Steep Slowdown in 2H25 Is Confirmed, It Will Most Likely Extend to 1H26