AMSTERDAM, June 8, 2026, 19:06 CEST
- ASML reached a new high for market value in Europe last week, after analysts raised their forecasts for how many EUV machines the Dutch company can produce.
- Broadcom slumped as investors wanted more than strong growth. The chipmaker’s guidance wasn’t raised, and that was enough for a selloff in the middle of the AI rally.
- Capacity is a focus right now. Chipmakers say they need more fab tools if they want to ramp up AI processor shipments to data centers.
ASML Holding NV set a new market value record in Europe last week, and its U.S.-listed shares kept rising Monday. Investors are betting the Dutch chip-equipment company can supply more machines that make the most advanced artificial-intelligence chips.
ASML shares changed hands at $1,758.53 in New York Monday afternoon, up 7.1% from the last close for a market cap near $691.8 billion. Broadcom was up 2.7% to $396.04, putting its value at $1.93 trillion. Broadcom’s results had shaken up the AI trade last week.
Investors are drawing a line between companies that rely on limited AI chip supplies and those with control over that supply. According to Tom’s Hardware, ASML is the only maker of extreme ultraviolet lithography (EUV) machines, which TSMC, Samsung and Intel use to make advanced logic chips.
ASML ended June 3 with a $668 billion market cap, breaking Novo Nordisk’s $650 billion high from June 2024, Tom’s Hardware reported. JPMorgan upped its target to €1,900 from €1,515, and Morgan Stanley set a new target at €1,660 from €1,400. Both kept overweight on the stock.
JPMorgan’s Sandeep Deshpande said ASML could ship over 110 low-NA EUV machines without having to build extra factory space, beating the 90-unit limit that some investors expected. Morgan Stanley credited its growing optimism to ASML’s planned site at the Brainport Industries Campus in Eindhoven, with construction starting in Q3 2026.
ASML lifted its 2026 revenue target in April, moving the range up to €36 billion to €40 billion from the previous €34 billion to €39 billion. “Demand for chips is outpacing supply,” CEO Christophe Fouquet said at the time. He noted customers are speeding up their capacity plans for 2026 and further out. CFO Roger Dassen said ASML expects to ship 60 low-NA EUV tools this year and has capacity for 80 by 2027. Reuters
EUV is a light-based process to print the smallest chip layers. ASML says its EUV machines use 13.5-nanometer light, which is near the X-ray spectrum, allowing mass production of advanced chips. Its High-NA tools are aimed at volume production at logic nodes under 2 nanometers.
The move is the opposite of Broadcom’s slide last week. Shares sank over 14% on Thursday, wiping out more than $315 billion in market cap, after reporting $22.19 billion in Q2 revenue, short of forecasts. The company also kept its $100 billion AI revenue outlook for 2027 unchanged.
Broadcom kept its current-quarter AI chip sales forecast at $16 billion, holding more than triple last year. Matt Britzman, senior equity analyst at Hargreaves Lansdown, called the market reaction “a classic case of very high expectations meeting a market that wanted perfection.” Bernstein’s Stacy Rasgon said Broadcom shares could stall for the next few quarters before “the story gets interesting again” in 2027. Reuters
Chip stocks came under pressure again Monday before a partial bounce. Asian markets kept sliding after last week’s selloff, pulled down by a heavy drop in semiconductor names, Reuters said, as a strong U.S. jobs report boosted bets on a Fed rate hike. Invesco’s David Chao said one chipmaker’s earnings didn’t point to a sector-wide slowdown, but signaled that hopes for AI guidance had run too high.
ASML faces risks in its current rally. Dassen still sees China as about 20% of 2026 sales, but tighter export rules could pull revenue to the bottom of the company’s range. Morgan Stanley warned the new Eindhoven campus must be just the start, calling for more expansion phases. Meanwhile, Tom’s Hardware pointed to steady efforts by Canon, Nikon, and new players to erode ASML’s lead in lithography.
Investors are willing to pay for the bottleneck right now. Broadcom and Nvidia keep getting the most attention in AI chips, but ASML’s results show the market values the gear that every top chip plant needs.
