AMSTERDAM, June 17, 2026, 20:10 CEST
- ASML ended the session in Amsterdam up 4.10% at €1,656.40. The company’s U.S.-listed shares last traded about 6.4% higher.
- Citi’s bullish call on spending in wafer-fab gear for AI capacity build-outs triggered the move.
- The Dutch chip-tool maker still faces major risks from export controls on China and delivery execution.
ASML Holding shares jumped 4.10% in Amsterdam on Wednesday, finishing at €1,656.40. The AEX index advanced 1.18% to close at a record high. ASML’s ADRs in New York traded at $1,919.39, up $115.50. The stock earlier hit $1,938.00.
ASML is seen as Europe’s top AI proxy, with its equipment used by chipmakers expanding production of advanced chips and memory. Investors are watching tool orders from ASML as a gauge for how much longer chipmakers might keep spending.
Citi’s Atif Malik boosted his bull-case numbers on wafer-fabrication equipment to $145 billion for 2026, $200 billion in 2027 and $250 billion in 2028, according to Investor’s Business Daily. The note sent ASML to a record high, moving with other chip-gear stocks, the report said.
Malik cited rising memory needs from newer AI systems that can operate with more autonomy than older software. “The rise of agentic AI is driving a structural increase in NAND demand,” he wrote, Barron’s reported. NAND is a kind of storage memory. Shares of Applied Materials, Lam Research and KLA climbed as Citi either bumped up price targets or kept bullish calls on parts of the sector. Barron’s
European tech shares got a lift from the wider market. The sector rose 1.5%, with ASML and BE Semiconductor each up around 4%. The STOXX 600 added 0.5%, marking its fifth day in the green as traders kept an eye on the Federal Reserve and news of a possible U.S.-Iran peace deal.
ASML’s latest results set the stage. The company posted first-quarter net sales of €8.8 billion, a 53.0% gross margin and net income of €2.8 billion. ASML now sees 2026 sales between €36 billion and €40 billion. Chief Executive Christophe Fouquet said in April that “demand for chips is outpacing supply” and customers are pushing ahead with plans to boost capacity for 2026 and after. ASML
ASML’s biggest strategic value is in lithography, which uses light to print chip circuits. It’s the only company commercially selling extreme ultraviolet lithography (EUV) machines, a key tool for making advanced chips at customers like TSMC and Intel, Reuters reported in February.
But there are risks in the rally. U.S.-China export controls are still hanging over demand. ASML expects China to make up 20% of 2026 sales, but JPMorgan’s Sandeep Deshpande said in April that new restrictions could take as much as 10% off earnings per share. Fouquet also warned that if ASML misses delivery deadlines, customers might turn to other suppliers or alternative options.
Right now, scarcity and longer lead times are what’s driving prices, not just last quarter’s numbers. The question is whether the bigger spending plans show up in ASML’s bookings and shipments, instead of just in analyst target prices.
