Dutch semiconductor equipment giant ASML has updated its historical record, consolidating its position as the largest capitalized company in Europe. Yesterday, 9 June 2026, ASML Holding shares listed on the Nasdaq exceeded a market capitalization of 700 billion dollars. The stock gained more than 4%, reaching a high of $1,830, with a 63% increase since the beginning of the year which far surpassed the 8.18% achieved by the S&P 500 index.
The climb to records is recent and progressive. The 1,496 euros per share reached in recent days already represented a new historic high for ASML, which has become the most valuable company in Europe after recording an increase of over 50% since the beginning of the year, fueled by strong demand for stocks with exposure to the development of data centers for artificial intelligence. It is no coincidence that ASML had already ranked as the third European group to exceed the threshold of half a trillion dollars in value.
The fundamentals to support the race
The rally is based on solid results and upwardly revised guidance. In the first quarter of the year ASML recorded a net profit of 2.76 billion euros, compared to 2.4 billion in the first quarter of 2025, total net sales of 8.77 billion euros and a gross margin of 53%. The Veldhoven group has indicated revenues of between 36 and 40 billion euros for 2026, up from the previous range of 34-39 billion.
“Demand for chips is outpacing supply. Our customers are accelerating capacity expansion plans for 2026 and beyond.”
said CEO Christophe Fouquet.
The pull effect on European peers
ASML’s momentum is reflected in the entire continental supply chain. In the latest sessions, Infineon Technologies recorded an increase of more than 2% and BE Semiconductor an increase of around 1.9%, while ASM International and STMicroelectronics showed smaller but positive gains, between 0.5% and 1%. The sector remains one of the main drivers of the price lists: the AEX index in Amsterdam is around 1,047 points and the DAX in Frankfurt is around 24,433. The growth in value of ASML comes in parallel to a phase in which the entire semiconductor supply chain is being reorganized around artificial intelligence, as also shown by the agreement between NVIDIA and SK hynix on memories for AI: more models mean more calculation, more memory and more advanced wafers to produce.
Analysts’ perspectives and opinions
Consensus remains constructive. Morgan Stanley, in its most optimistic scenario, sees a potential rise of 70% with the stock up to 2,000 euros if technological valuations continue their run and profits exceed expectations, against a target price of 1,400 euros. On the production capacity front, ASML expects to ship 60 of its best-sellers with EUV low-NA technology in 2026, 25% more than in 2025, with capacity for 80 units in 2027.
Bank of America raised its target price to 1,921 from 1,710 euros, confirming its “Buy” rating, on the prospect that ASML’s production capacity in the extreme ultraviolet lithography (EUL) sector could exceed 90 units by the end of 2027, thanks to reduced delivery times and improved efficiency of assembly processes. The company also expects a recovery in Chinese demand in 2027.
However, risk elements remain to be monitored. Among the main critical issues are the supply chain constraints and the possible new restrictions on exports to China contained in the US bill called the “MATCH Act”; Chief Financial Officer Roger Dassen expects 20% of sales this year to go to Chinese customers. Even with these unknowns, analysts highlight ASML’s near-monopoly position, strong pricing power and long-term visibility on demand, all of which place it in a favorable position for future growth.
