Market Overview - U.S. stock futures rose on Thursday after a decline on Wednesday, with major benchmark indices showing positive movement [1] - The Nasdaq Composite fell 1% on Wednesday due to a 25% tariff on select semiconductor imports, overshadowing U.S. approval for exports to China [1] - The Supreme Court delayed its ruling on the legality of the tariff framework, contributing to ongoing tariff uncertainty [1] Treasury Yields and Market Projections - The 10-year Treasury bond yielded 4.15%, while the two-year bond was at 3.52% [2] - Markets are pricing a 95% likelihood that the Federal Reserve will keep interest rates unchanged in January [2] Index Performance - Dow Jones increased by 0.11%, S&P 500 by 0.36%, Nasdaq 100 by 0.75%, and Russell 2000 by 0.16% [2] - The SPDR S&P 500 ETF Trust (SPY) rose 0.34% to $692.68, and Invesco QQQ Trust ETF (QQQ) advanced 0.71% to $623.95 in premarket trading [2] Stocks in Focus - Goldman Sachs Group Inc. was down 0.44% in premarket as analysts expect earnings of $11.65 per share on revenue of $13.79 billion [5] - Taiwan Semiconductor Manufacturing Co. Ltd. reported a 35% profit surge for the fourth quarter, with net profit reaching T$505.7 billion ($16 billion), marking its seventh consecutive quarter of double-digit growth [5] - Applied Materials Inc. rose 6% after an upgrade to 'Positive' from 'Neutral', with a new price target of $400 [5] - Amazon.com Inc. increased by 0.67% following the launch of a new European Sovereign Cloud with a €7.8 billion ($9.1 billion) investment [5] - Calavo Growers Inc. shares surged 12.93% despite downbeat fourth-quarter results, following Mission Produce's announcement to acquire Calavo at $27 per share [4] Analyst Insights - BlackRock maintains an optimistic outlook for the U.S. market, emphasizing solid economic growth and the transformative potential of artificial intelligence [10] - The firm notes that U.S. corporate earnings strength is broadening beyond the Magnificent 7, supporting their positive stance on equities [10] - BlackRock highlights a unique economic environment where mega forces are driving returns, favoring AI and cyclical sectors [11] - The labor market is characterized as stable, supporting consumption without overheating [11] - Despite optimism, BlackRock remains cautious about potential wage gains leading to sticky inflation [12] Commodities and Global Markets - Crude oil futures fell by 3.36% to around $59.75 per barrel [14] - Gold Spot price decreased by 0.38% to approximately $4,609.13 per ounce [14] - Bitcoin traded 2.05% higher at $96,927.28 per coin [14]

格隆汇1月15日｜荷兰芯片设备制造商阿斯麦(ASML.US)美股盘前涨近5%报1326美元，开盘势创历史新 高。此前其亚洲同业台积电2025年Q4业绩超预期，且对2026年的展望亦超预期。 另外，摩根大通发布研报称，受来自台积电和三星电子的订单推动，预计阿斯麦第四季度订单额将达到 70亿欧元，较市场共识预期高出约4%。该行维持其对阿斯麦美股的"增持"评级，目标价为1518美元。 这一目标价较该股1月14日收盘价有约20%的上涨空间。 | ASML 阿斯麦 | | | --- | --- | | 1263.720 ↓ -6.440 -0.51% | 收盘价 01/14 16:00 美东 | | 1326.110 + 62.390 +4.94% | 盘前价 01/15 04:37 美东 | | 二 24 24 号 8 日 0 自选 | ● 快捷交易 | | 最高价 1273.270 | 开盘价 1267.120 成交量 153.65万 | | 最低价 1249.620 昨收价 1270.160 | 成交额 19.44亿 | | 平均价 1264.968 市空率 44.79 | 总市值 4895.65亿 ( ... ...

格隆汇1月15日｜周四，阿斯麦欧股股价飙升至历史新高，推动其市值突破5000亿美元大关，进一步巩 固了其作为欧洲市值最高公司的地位。这家荷兰芯片设备制造商的股价大涨，主要受到台积电亮眼业绩 的提振，相关财报引发了欧洲半导体板块的全面上涨。ASML股价当日上涨约5%，盘中一度触及1,167 欧元的历史高点。截至北京时间16:58，公司市值约为4,430亿欧元（约5,150亿美元）。 ...

小摩解释称，第四季度往往是获得Y+2订单的首个季度。阿斯麦在2025年第四季度的订单大部分将关联 到2027年的出货。鉴于目前人工智能市场，尤其是DRAM/HBM市场表现出的巨大需求，芯片制造商很 可能为2027年第一季度起的交付预订大量阿斯麦的设备。特别是，由于洁净室交付周期延长，芯片制造 商在2026年的产能扩张将受限，因此必须为2027年扩产做准备。 小摩补充道，台积电是阿斯麦在2025年订单额和出货量的主要推动力，而在2025年大幅减少光刻机采购 的三星电子可能在未来成为阿斯麦订单增长的最强驱动力。SK海力士和美光科技也将是阿斯麦订单增 长的推动力，但就绝对值而言，由于三星电子拥有可配备设备的现有洁净室空间，其带来的订单增长可 能最为强劲。小摩还表示，相信台积电在为2027年上半年订购所需先进制程设备方面也会表现积极。 智通财经APP获悉，光刻机巨头阿斯麦(ASML.US)将于美东时间1月28日公布2025年第四季度业绩。摩 根大通发布研报称，受来自台积电和三星电子的订单推动，预计阿斯麦第四季度订单额将达到70亿欧 元，较市场共识预期高出约4%——而市场共识预期已被不断上调。该行维持其对阿斯麦美股的" ...

Core Viewpoint - ASML, the largest manufacturer of chip-making equipment, reached a market value of over $500 billion following TSMC's announcement of increased capital spending plans to meet the rising demand for AI chips [1][2]. Group 1: ASML's Market Position - ASML's shares rose by 5.4% after TSMC's announcement, contributing to a total increase of 24% in January [2]. - ASML is now recognized as Europe's most valuable company [2]. Group 2: TSMC's Capital Spending Plans - TSMC increased its capital spending forecast for 2026 to between $52 billion and $56 billion, exceeding market expectations of $46 billion, representing a potential increase of up to 21% in spending on chip-making equipment [2]. - This heightened spending from TSMC is in response to increased demand from other manufacturers like Micron and Korean memory chip producers [4]. Group 3: Industry Demand and Growth Outlook - Analysts indicate that ASML stands to benefit significantly from the AI boom, as demand for AI-related chips is growing faster than anticipated [3]. - Despite ASML's forecast of only modest growth for 2026, TSMC's plans to accelerate factory construction suggest a strengthening outlook for ASML into 2027 and beyond [4][5].

Core Insights - ASML's shares reached a new all-time high, leading to a market capitalization exceeding $500 billion, solidifying its position as the most valuable company in Europe [1] Company Summary - ASML's market capitalization surpassed the $500 billion mark, indicating strong investor confidence and performance in the semiconductor industry [1]

每经AI快讯，1月15日，美股半导体设备股夜盘集体拉升，阿斯麦涨超5%，台积电、应用材料涨超 4%。 （文章来源：每日经济新闻） ...

Core Insights - ASML Holding's upgrade and service business has significantly contributed to its Installed Base Management (IBM) segment in the first half of 2025 and has remained robust through Q3 2025 [1][10] - The company has made notable progress in field upgrades of NXE:3800E systems, maintaining strong IBM business performance in the second half of 2025 [2][3] - ASML anticipates IBM business revenues of €2.1 billion in Q4 2025, with overall revenues projected between €9.2 billion and €9.8 billion, indicating a sequential increase of 26.3% [4][10] Business Performance - The IBM segment's strength in early 2025 was primarily upgrade-driven, while the latter half saw a shift towards recurring service revenues, driven by an expanding Extreme Ultraviolet (EUV) Lithography installed base [3] - ASML's transition into sub-2nm production with High Numerical Aperture (High-NA) EUV systems is expected to further enhance IBM business in 2026 [3] Competitive Landscape - ASML is the sole player in lithography system upgrades for its installed base, particularly in the EUV sector, while competing with companies like Lam Research and Applied Materials in the broader semiconductor equipment market [5] - Lam Research is gaining traction in the memory segment, benefiting from AI advancements [6] - Applied Materials provides essential equipment for chip fabrication, aiding in the production of complex chips for AI and high-performance workloads [7] Financial Performance - ASML shares have increased by 54.3% over the past six months, outperforming the Computer and Technology sector's growth of 19.2% [8] - The company trades at a forward price-to-sales ratio of 12.58X, which is higher than the sector average of 7.46X [11] - The Zacks Consensus Estimate indicates year-over-year earnings growth of 39.7% for fiscal 2025 and 4.3% for fiscal 2026, with recent upward revisions in estimates [14]

Summary of Key Points from Semiconductor Capital Equipment Conference Call Industry Overview - The conference call focuses on the **Semiconductor Capital Equipment (Semicap)** industry, particularly the **Wafer Fab Equipment (WFE)** segment, which is expected to enter a multi-year upcycle starting in CY26 [1][2]. Core Insights and Arguments - **WFE Supercycle**: Anticipation of a robust demand for WFE, with expectations of broad-based beats and raises in Q4 and Q1, driven by AI constraints and upgrades in leading-edge technologies [1]. - **China's Impact**: The suspension of the "50% affiliate" rule for companies like LRCX and KLAC is expected to provide a significant boost, with potential revenue increases of $200 million for LRCX in Q4 and $600 million in CY26, and $300-$350 million for KLAC in CY26 [1]. - **Growth Projections**: Initial guidance for CY26 WFE growth is expected to be at least mid-single digits (MSD) YoY, with a target of $131 billion (+10% YoY) for CY26 and $150 billion (+13% YoY) for CY27 [2]. - **Historical Performance**: The top five WFE vendors are projected to grow at only 8%/13% in CY26/27, suggesting potential upside to estimates based on historical outperformance [2]. - **Capital Intensity**: Historical capital intensity trends indicate potential upside to WFE estimates, with expectations of nearly $20 billion of upside through CY27 [2]. Key Drivers of Growth - **Leading-edge Technologies**: Anticipated strength in leading-edge F/L WFE due to competitive capacity constraints at TSMC, alongside growth in DRAM and NAND upgrades [3]. - **Process Control**: Companies like KLAC and NVMI are expected to outperform due to a broadening customer base and rising DRAM capital intensity [3]. - **Memory Demand**: The pricing environment for DRAM and NAND is expected to remain robust, with Micron's pricing trends indicating a strong outlook into 1Q26 [4][18]. Price Objective Changes - Price objectives (POs) for several semicap companies have been raised due to a stronger demand outlook: - LRCX: $245 (up from $195) - KLAC: $1,650 (up from $1,450) - MU: $400 (up from $300) [6][9]. - The overall sentiment is that the semiconductor industry is poised for a significant upturn, with increased visibility and customer diversification [4]. Additional Insights - **NVIDIA's BlueField-4**: This platform is expected to drive memory demand, particularly for NAND, in the medium term [4]. - **Capex Trends**: Overall DRAM and NAND capex have been muted since 2023, indicating a cautious approach from major players [10][12]. - **Future Growth**: Leading-edge WFE is projected to grow at a 17% CAGR from CY25-28, with significant investments expected from TSMC and other major foundries to support AI and HPC demand [27]. Conclusion - The semiconductor capital equipment industry is entering a promising phase with strong growth projections driven by AI demand, leading-edge technology upgrades, and favorable pricing trends in memory. The raised price objectives reflect a bullish outlook for key players in the sector, indicating potential investment opportunities.

ASML Holding NV (NASDAQ:ASML) has officially broken into the upper echelon of market leaders, surging in its Benzinga Edge’s momentum score. The semiconductor equipment manufacturer and a key supplier to Nvidia Corp. (NASDAQ:NVDA) saw the surge following a major bullish call from Bernstein, positioning the company for what analysts are calling “big years” ahead.Momentum BreakoutData from Benzinga Edge reveals that ASML’s momentum score jumped week-over-week from 89.36 to 92.14. This metric, which evaluates ...