Does Surging Demand for High NA EUV Machines Reinforce the ASML (ENXTAM:ASML) Bull Case?

• In November 2025, ASML Holding made presentations at key technology conferences in Barcelona and Hong Kong, highlighting advances in its High NA EUV lithography platforms, which underpin leading-edge semiconductor manufacturing for AI chips.
• This reinforced ASML's position as the sole global provider of advanced EUV technology, a major driver behind recent increases in analyst confidence and interest from institutional investors.
• Now, we'll explore how the rising demand for High NA EUV machines strengthens ASML's long-term investment story and growth outlook.

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ASML Holding Investment Narrative Recap

To be a shareholder in ASML today, you need confidence that the company’s leading-edge EUV and High NA lithography systems will remain indispensable in advanced chip manufacturing, securing sustained demand amid evolving technology cycles and competition. The recent technology conference presentations reaffirm ASML’s technological leadership but are not likely to materially alter the short-term catalyst, broad AI-driven demand for High NA EUV systems, or reduce exposure to geopolitical and tariff risks, which remain the biggest overhangs.

Among recent announcements, ASML’s Q3 2025 earnings report stands out, showing rising revenue and net income. This performance gives context to the company’s conference messaging about High NA EUV advances; robust financial momentum and strong customer adoption could reinforce ASML’s growth outlook, powering expectations for continued earnings and margin expansion as it ramps up production and delivery of new systems.

However, investors should also consider that, despite solid operational momentum, ongoing concerns about export controls and China’s access to ASML’s technology remain an ever-present risk...

Read the full narrative on ASML Holding (it's free!)

ASML Holding's outlook points to €39.6 billion in revenue and €12.1 billion in earnings by 2028. This implies annual revenue growth of 7.2% and an earnings increase of €2.7 billion from current earnings of €9.4 billion.

Uncover how ASML Holding's forecasts yield a €941.90 fair value, a 6% upside to its current price.

Exploring Other Perspectives

Eighty-three individual fair value estimates from the Simply Wall St Community span €572.55 to €1,000, with viewpoints at both extremes. While community perspectives vary, persistent geopolitical risk highlights how external factors could influence ASML’s performance, explore the full range of opinions and analysis.

Explore 83 other fair value estimates on ASML Holding - why the stock might be worth 36% less than the current price!

Build Your Own ASML Holding Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your ASML Holding research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free ASML Holding research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ASML Holding's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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