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: 3Q25 Small Miss, 4Q Guidance a Beat, Still No Visibility on 2026 “revenue Not Below 2025”

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

Equity Bottom-Up

<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.


TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

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

ASML Holding NV

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