Group 1: Market Overview - The recent market sell-off has significantly impacted technology stocks, particularly Taiwan Semiconductor Manufacturing (TSM) and ASML, presenting a potential buying opportunity for investors [1][8] - The sell-off is primarily driven by fears surrounding President Trump's tariffs, which are not expected to affect the long-term trajectory of these companies [8] Group 2: Taiwan Semiconductor Manufacturing (TSM) - TSM is the leading contract chip manufacturer, producing chips for major technology companies like Apple and Nvidia, which lack their own chip foundries [3] - TSM is experiencing substantial growth in AI-related chips, with a projected revenue increase of 45% compound annual growth rate (CAGR) over the next five years, and overall revenue expected to rise at nearly 20% CAGR [4] - TSM has announced a $100 billion investment in U.S. chip production facilities, in addition to the $65 billion already spent, to meet the skyrocketing demand for U.S.-produced chips [5] Group 3: ASML - ASML is the sole manufacturer of extreme ultraviolet (EUV) lithography machines, giving it a technological monopoly in the chip manufacturing sector [6][7] - The expansion of TSM's production facilities will lead to increased purchases of ASML machines, benefiting ASML significantly [7] - ASML's monopoly status is reinforced by decades of research and substantial R&D investments, making it a stable long-term investment [7] Group 4: Investment Thesis - Both TSM and ASML are currently trading at significant discounts, with TSM down approximately 21% from its all-time high and ASML down over 30% [8] - The current pricing presents a favorable opportunity for investors to acquire these stocks, which are expected to perform well in the long term due to favorable trends in the chip market [9]

Core Viewpoint - ASML has been trending in stock searches, prompting analysis of factors influencing its stock performance in the near future [1] Earnings Estimate Revisions - For the current quarter, ASML is expected to post earnings of $6.12 per share, reflecting an increase of +81.1% year-over-year, with a consensus estimate change of +1.6% over the last 30 days [5] - The consensus earnings estimate for the current fiscal year is $25.37, indicating a +21.9% change from the previous year, with a +0.8% change in the last 30 days [5] - For the next fiscal year, the consensus estimate is $29.55, showing a +16.5% change year-over-year, with a +1% change over the past month [6] Revenue Growth Projections - The consensus sales estimate for the current quarter is $8.08 billion, representing a +40.7% year-over-year change [9] - The sales estimates for the current and next fiscal years are $34.34 billion and $37.97 billion, indicating changes of +12.4% and +10.6%, respectively [9] Last Reported Results - ASML reported revenues of $9.88 billion in the last quarter, a +26.8% year-over-year increase, with an EPS of $7.30 compared to $5.60 a year ago [10] - The reported revenues exceeded the Zacks Consensus Estimate of $9.76 billion by +1.2%, and the EPS surprise was +1.67% [11] - ASML has consistently beaten consensus EPS and revenue estimates in the last four quarters [11] Valuation - ASML is graded D in the Zacks Value Style Score, indicating it is trading at a premium compared to its peers [15] - Valuation multiples such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF) are essential for assessing whether ASML's stock is overvalued, fairly valued, or undervalued [13][14] Overall Assessment - The Zacks Rank 3 suggests ASML may perform in line with the broader market in the near term, despite the market buzz [16]

ASML (NASDAQ: ASML ) ( OTCPK:ASMLF ) (NEOE: ASML:CA ) is a practical monopoly, with about 90% market share in DUV equipment, we could say this segment is more like an oligopoly, where Canon and Nikon also participate. That is notStriving to compound knowledge. Long-time fan of Warren and Charlie. Always invert. "To finish first, you must first finish". Investing own and family funds for +20 years. Senior finance roles at public and private corporations for most of that time.Analyst’s Disclosure: I/we have a ...

ASML (ASML 1.04%) boasts one of the most substantial competitive advantages, which allows it to generate premium prices for its products and services.*Stock prices used were the afternoon prices of March 8, 2025. The video was published on March 10, 2025. ...

Core Viewpoint - ASML and imec have entered a strategic partnership to enhance semiconductor research and promote sustainable innovation in Europe, with a focus on developing advanced solutions for the semiconductor industry and environmental benefits [1][2][4]. Group 1: Partnership Details - The partnership agreement spans five years and aims to leverage the expertise of both ASML and imec to deliver solutions in semiconductor advancement and sustainable innovation [2]. - The collaboration will utilize ASML's entire product portfolio, including advanced technologies such as 0.55 NA EUV and DUV immersion, to support R&D in sub-2nm technologies [3]. Group 2: Funding and Support - The partnership is supported by funding from the Chips Joint Undertaking, the Flemish government, and the Dutch government, which aligns with the EU Chips Act [5][6]. - The NanoIC pilot line, crucial for this collaboration, is funded through various EU programs and participating states, including Belgium, France, Germany, Finland, Ireland, and Romania [6]. Group 3: Strategic Importance - ASML's CEO emphasized that this agreement represents a significant step in their long-term cooperation with imec, aiming to develop solutions that benefit the semiconductor industry and society [5]. - The partnership is expected to enhance imec's capabilities in providing advanced R&D for the semiconductor ecosystem, particularly in AI-driven technological advancements [5].

Shares of semiconductor equipment stocks ASML Holdings (ASML -6.71%), KLA (KLAC -4.63%), and Lam Research (LRCX -6.58%) were plunging on Monday, down 6.8%, 4.7%, and 6.7%, respectively, as of 3:52 p.m. ETSemiconductor stocks are long-term growers, but they also have cyclical qualities as well. Therefore, today's fears over a tariff-induced recession is causing a big sell-off.In addition, tariffs that increase trade tensions with China tend to especially complicate things for semiconductor stocks. This is be ...

Core Viewpoint - ASML Holding is a leading semiconductor equipment maker and remains a strong long-term investment despite a recent stock decline of 25% over the past year, which presents a potential buying opportunity due to its monopolized technology, temporary cyclical slowdown, and reasonable valuation [3][11]. Group 1: Monopolized Technology - ASML is the only producer of high-end extreme ultraviolet (EUV) lithography systems, essential for manufacturing the world's smallest and most efficient chips, used by top foundries like TSMC, Samsung, and Intel [2]. - The company has developed its EUV technology over more than two decades, with current low-NA systems costing approximately $180 million and new high-NA systems around $380 million, creating a high barrier to entry for competitors [4][5]. Group 2: Cyclical Slowdown - ASML experienced significant revenue growth from 2020 to 2023, driven by increased PC shipments, the launch of new 5G smartphones, and a booming AI market, with revenue growth rates of 30% in 2023 [6]. - A slowdown in revenue and earnings growth is expected in 2024 due to various factors, including tighter restrictions on sales to Chinese chipmakers and a transition to high-NA EUV systems, but gross margins have remained stable [7]. - For 2025, ASML anticipates revenue growth between 6% to 24% and gross margins of 51% to 53%, with analysts projecting revenue and EPS growth of 15% and 23%, respectively, indicating the end of the cyclical downturn [8][9]. Group 3: Reasonable Valuation - ASML's stock is currently valued at 29 times this year's earnings, which is considered reasonable following a period of overheating [11]. - The company is expected to navigate challenges such as tariff uncertainties and export restrictions while maintaining its dominance in the lithography market, making it an attractive investment as the semiconductor market continues to expand [12].

Exhibit 99.1 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS Risk Corporate conduct Our technology drives faster, more powerful and energy efficient microchips that help society tackle important challenges. This continuous innovation can only be achieved through strong partnerships we build with our various stakehold working together to create solutions for a more sustaina future for everyone. Powering technology forward with customers with our people See page 12 > with suppliers See page 13 ...

Market Overview - The current market environment is characterized by rising volatility, leading to a shift in investor behavior towards safer assets [1][2] - Institutional capital is seeking safety, as evidenced by the iShares S&P 500 Value ETF outperforming the broader S&P 500 by 1.5% in the past week [2] Cleveland-Cliffs Inc. (CLF) - Cleveland-Cliffs stock is forecasted to have a 12-month price target of $16.43, indicating a potential upside of 73.26% [4] - The stock is currently trading at 47% of its 52-week high, suggesting that worst-case scenarios may already be priced in [4] - Analysts project a consensus price target of $16.5 per share, implying a net rally of up to 52.8% from current levels [5] - Wall Street earnings per share (EPS) forecasts expect Cleveland-Cliffs to deliver $0.05 in EPS by Q4 2025, a significant improvement from a current net loss of $0.68 per share [6] ASML Holding (ASML) - ASML stock has a 12-month price forecast of $937, representing a 32.3% upside potential [8][11] - The stock is currently trading at 66% of its 52-week high, indicating a favorable risk-to-reward setup for investors [10] - J.P. Morgan Chase has a higher valuation target of $1,100 for ASML, suggesting an implied rally of 55.2% [11] - The stock is seen as a strong player in the chipmaking sector, particularly in the context of artificial intelligence development [11] Rocket Companies Inc. (RKT) - Rocket Companies is currently trading at $13.47, with a price target of $13.83, indicating potential for growth [12] - A decrease in mortgage rates could lead to increased activity and earnings for Rocket Companies, as the mortgage market index is at a 1996 low [13] - The company trades at a price-to-book (P/B) ratio of 3.4x, significantly higher than the mortgage industry's average of 1.8x, suggesting that the market may be overvaluing its growth potential [14]

Share Capital and Ownership - ASML's authorized share capital amounts to €126.0 million[590]. - As of December 31, 2024, there were 90,315,092 ordinary shares held by 292 registered holders in the US[591]. - At the 2024 AGM, the Board of Management was authorized to issue shares representing up to a maximum of 10% of the issued share capital as of April 24, 2024[599]. - The Board of Management was also authorized to repurchase up to a maximum of 10% of the issued share capital at a price between the nominal value and 110% of the market price[601]. - Capital Research and Management Company holds 40,615,837 shares, representing 10.33% of the total[608]. - BlackRock Inc. holds 31,259,169 shares, representing 7.95% of the total[608]. - The total number of ordinary shares issued and outstanding as of December 31, 2024, is 393,283,720[611]. - Shareholders representing at least 1% of ASML's outstanding share capital can place items on the agenda of a General Meeting[585]. Technological Achievements - ASML's first High NA EUV machine is now operational at a customer site, marking a significant technological achievement[630]. - ASML delivered the industry's first High NA EUV tool in 2024, achieving financial performance in line with expectations[648]. - The company is making progress on enhancements to its EUV, DUV, and metrology systems, with a focus on export controls and their implications[657]. - The Technology Committee held five meetings in 2024 to discuss technology plans and product roadmaps, including productivity improvements and cost developments[774][779]. - ASML's Berlin facility focuses on key components such as wafer tables and clamps, contributing significantly to the overall technology and manufacturing network[777]. - The Technology Committee discussed the EUV 0.55 NA and EUV 0.33 NA business, focusing on product roadmaps and commonality targets[779]. Leadership and Governance - The transition to a new leadership team was smooth, with Christophe Fouquet appointed as President and CEO and Jim Koonmen as Chief Customer Officer[633]. - The Supervisory Board will focus on supporting innovation in advanced EUV technology and improving competitiveness across all business areas in 2025[640]. - The Supervisory Board emphasizes the importance of challenging the status quo and seeking more effective ways of working[642]. - The composition of ASML's Supervisory Board is diverse, with members possessing experience in financial, economic, technological, and legal aspects of international business[687]. - All current members of the Supervisory Board are fully independent, as defined by the Dutch Corporate Governance Code and Nasdaq rules[686]. - The Supervisory Board evaluation in 2024 highlighted a positive relationship and constructive discussions between the Supervisory Board and the Board of Management[702]. - The Board of Management's evaluation in 2024 concluded that the leadership transition was successful, maintaining a well-functioning Board[703]. - The Selection and Nomination Committee supported a leadership transition, appointing Christophe Fouquet as President and CEO and Jim Koonmen as EVP and Chief Customer Officer[755]. - The new leadership team is positioned to ensure ASML's long-term success, supported by ongoing close contact with the Supervisory Board[762]. Financial Performance and Outlook - The company faced challenges in 2024, including slower-than-expected recovery in PC and smartphone sectors, and geopolitical issues impacting operations[632]. - ASML is confident in long-term growth opportunities driven by global trends in semiconductor demand, despite short-term volatility in the industry[652]. - Free cash flow was a focus area in 2024 due to the challenging economic climate, with efforts to support customers and suppliers[662]. - The Audit Committee's key focus in 2024 was navigating macroeconomic and semiconductor industry cycles while investing in future growth[710]. - ASML's long-term financial outlook was communicated during the 2024 Investor Day, with the Audit Committee reviewing the messaging around this outlook[729]. Compliance and Audit - The Audit Committee ensures compliance with Dutch and US regulations regarding external auditor services[622]. - ASML's financial statements are prepared in accordance with Dutch law and EU-IFRS, as well as US GAAP for its annual report[621]. - The Audit Committee monitored the progress and outcomes of the year-end US GAAP and EU-IFRS audits, ensuring the integrity of financial statements[714]. - The Audit Committee emphasized revenue recognition as a critical audit matter, addressing complex accounting issues throughout the year[715]. - The Audit Committee reviewed the 2024 external audit plan, including materiality levels and fees, and confirmed no significant items needed to be reported for the financial year[725]. - The Audit Committee discussed the annual update on fraud and fraud risk management, highlighting the importance of compliance and ethics in business operations[720]. - The Audit Committee evaluated the performance of the external auditor KPMG and oversaw the transition to PricewaterhouseCoopers (PwC) for the 2025 reporting year[726]. - The Audit Committee focused on sustainability reporting compliance with ESRS, discussing processes, KPIs, and limited assurance related to sustainability[728]. - The Audit Committee monitored the internal audit activities and the effectiveness of internal controls, ensuring alignment with financial reporting standards[719]. Strategic Focus and Challenges - The Supervisory Board confirmed support for ASML's strategic direction and discussed key challenges, focusing on semiconductor and lithography market developments[650]. - Geopolitical challenges, particularly the impact of increasing export control restrictions on ASML's business, were a significant focus area[716]. - Key risks monitored by the Audit Committee in 2024 included geopolitical tensions, economic uncertainty, and pressures on the innovation ecosystem, with a focus on upward trends in these areas[718]. - A visit to TSMC provided valuable insights into customer needs and technology roadmaps, enhancing the Supervisory Board's understanding of market challenges[674]. ESG Commitments - The company is committed to monitoring progress against its ESG commitments, particularly in energy efficiency for customers and operations[640]. - ASML aims to achieve greenhouse gas neutrality for scope 3 upstream supply chain emissions by 2030, with performance targets related to this goal introduced as an LTI metric in 2024[741].