Amsterdam, January 31, 2026, 16:23 (CET) — The market has closed for the day.
- ASML shares ended the day in Amsterdam at €1,215.60, gaining 2.0%.
- With record orders and a fresh buyback plan in play, the focus has turned to capacity constraints and valuation concerns.
- Investors will focus on Monday’s reopening, keeping an eye on bookings and margins.
ASML’s shares ended Friday at €1,215.60, gaining 2% and marking a roughly 32% rise for January. With markets closed for the weekend, the stock’s momentum continues to draw investor attention. (Investing)
The Dutch chip-equipment maker stands at the critical junction of advanced chip production, making its order book a key indicator of wafer-fab spending. Following this month’s surge, traders are now watching closely for fresh orders to translate into shipments without further hold-ups.
That conversion carries heavy weight. The stock already reflects high growth expectations, raising the stakes as the market gets jittery.
ASML reported that net bookings for the fourth quarter hit €13.2 billion, with €7.4 billion coming from EUV lithography systems—those using extreme ultraviolet light to etch circuits on silicon wafers. The company projects net sales between €34 billion and €39 billion in 2026. It also unveiled a fresh share buyback program worth up to €12 billion through 2028 and plans to raise its dividend for 2025. (ASML)
In a separate note to staff, CEO Christophe Fouquet announced that a planned overhaul of technology and IT might result in about 1,700 job cuts, primarily in the Netherlands and some in the U.S. He emphasized the goal is to free engineers to focus on engineering and eliminate sluggish workflows. (ASML)
Investors remain divided on valuation. Han Dieperink, CIO at Aureus, argued that “much of the good news is then already priced in.” Degroof Petercam’s Michael Roeg warned that slowing sector upgrades might prompt doubts about “the risk-reward of steep multiples.” Others lean toward ASML and peers like Applied Materials, Lam Research, KLA, and Tokyo Electron to play chip demand without backing just one maker. Fouquet assured analysts ASML won’t turn into a “bottleneck,” while JPMorgan’s Sandeep Deshpande sees no capacity constraints. (Reuters)
EUV tools are produced in limited quantities and are tricky to set up, so chatter about capacity usually hits gross margin first—that’s the portion of revenue remaining after production expenses—and the delivery pace. Investors will be watching to see if bookings ease after the fourth-quarter spike and how much of the backlog converts to revenue in the early months.
Tech risk sentiment weighed on markets Friday as U.S. stocks slipped amid earnings jitters and Fed uncertainty. The Nasdaq dropped almost 1%. (Reuters)
The downside is clear: any halt in chipmaker capital spending or a fresh wave of delivery delays would tighten ASML’s margin for error. Trading close to all-time highs, even a minor stumble could snowball into something larger.
The immediate test arrives when European markets open again Monday, February 2. After that, ASML’s key dates include its annual report on February 25 and first-quarter results on April 15. (ASML)
