ASML TodayASMLASML$783.48 +13.28 (+1.72%) 52-Week Range$578.51▼$1,110.09Dividend Yield0.91%P/E Ratio37.66Price Target$906.00Add to WatchlistThe semiconductor industry is in a high-stakes race, with artificial intelligence (AI) igniting a global battle for technological supremacy. For a lot of investors, picking the ultimate winner among the industry's array of titans can feel like a speculative bet. But what if there were a way to invest in the boom itself, a strategy that benefits from the entire industry ...

Industry Overview - Semiconductor sales have shown steady growth, driven by optimism around artificial intelligence (AI), particularly generative AI, with robust demand from various industries significantly boosting revenues [1][3] - Global chip sales increased by 2.5% sequentially in April, reaching $57 billion, and year-over-year sales jumped 22.7%, marking the 11th consecutive month of growth above 17% [3][4] - The Semiconductor Industry Association (SIA) forecasts continued double-digit growth in 2025, supported by strong demand for chips in data centers and the memory chip market [6] Financial Performance - In 2024, global semiconductor sales reached $627.6 billion, a 19.1% increase from $526.8 billion in 2023, with the final quarter of 2024 alone seeing $170.9 billion in sales, up 17.1% year-over-year [5] - Advanced Energy Industries, Inc. (AEIS) leads peers with a projected earnings growth of 39.1% and a 10% rise in earnings estimates over the past 60 days [8][15] Company Highlights - Taiwan Semiconductor Manufacturing Company Limited (TSM) is the world's largest dedicated integrated circuit foundry, with an expected earnings growth rate of 30.5% for the current year [7][9] - Texas Instruments (TXN) has an expected earnings growth rate of 6.7% for next year, with a 3.5% improvement in current-year earnings estimates over the past 60 days [10][11] - ASML Holding N.V. is a leader in advanced technology systems for the semiconductor industry, with an expected earnings growth rate of 30.5% for the current year [12][13] - Advanced Energy Industries, Inc. focuses on power subsystems and process-control technologies for the semiconductor industry, with an expected earnings growth rate of 39.1% [14][15]

为现代芯片制造商打造强大、可靠且可制造的光源是当今业界最复杂的挑战之一。在所有光刻系统制 造商中，只有 ASML 成功研发出用于打印最小芯片特征的 EUV 光源——但一家初创公司却提出了 一个颠覆现状的全新理念。 Inversion Semiconductor是一家位于旧金山的初创公司，由风险投资公司 Y Combinator 投资。该 公司计划开发一种基于紧凑型粒子加速器的光源，声称其功率将比 ASML 现有技术高 33 倍，可以 为生产更精细的芯片特征铺平道路。 Inversion技术的核心是一种"台式"粒子加速器，它比传统粒子加速器小 1,000 倍，但输出功率却高 达 10 kW。尽管尺寸微小，但 Inversion 声称，其光源利用激光尾流场加速 (LWFA ) 方法，可以将 芯片制造速度提高 15 倍（假设一个 10 kW 光源为一个光刻系统供电），或者同时为多个芯片制造 工具供电，从而降低成本。 来源：内容编译自 tomshardware 。 图片来源：反转光刻技术 公众号记得加星标⭐️，第一时间看推送不会错过。 Y-Combinator 支持的初创公司着眼于强大的激光尾场加速器，以实现先进的光 ...

Core Insights - ASML's CEO Christophe Fouquet stated that despite China's efforts to catch up technologically, U.S. measures to suppress China will only motivate them to succeed more [1] - ASML is the only manufacturer of high-end lithography machines globally, with a product cost of up to $400 million and a record revenue of €28.3 billion last year [1] - ASML's sales to China are expected to drop from nearly 50% of its annual revenue to about 25% due to trade restrictions [1] Company Overview - ASML's projected sales could reach between €44 billion to €60 billion by 2030 [1] - The company is seen as a geopolitical pawn, with some products restricted from export to certain countries [1] - The CEO emphasized the importance of innovation over merely suppressing competitors like China [1] Industry Context - The semiconductor supply chain is described as global and interconnected, with U.S. export bans potentially slowing technological development and increasing costs for all countries [1] - The impact of tariffs from the Trump administration has created additional challenges and uncertainty, hindering U.S. efforts to build chip factories [2] - The CEO highlighted that tariffs lead to increased costs, making domestic chip production less viable [2]

Group 1 - The article discusses the investment perspective of a German investor with a background in engineering and management, highlighting the ability to understand and interpret both economic and technological aspects of companies [1] Group 2 - The investor has a beneficial long position in ASML shares, indicating confidence in the company's future performance [2]

Core Insights - The AI sector is at a pivotal moment, with early leaders distinguishing themselves and presenting significant investment opportunities across the AI value chain [1][2] - Companies leveraging AI are experiencing substantial productivity gains, while those that do not adopt AI risk becoming obsolete [2] - The total addressable market for AI is in the trillions, but current adoption levels are still early, creating a unique investment window [2] Company Summaries - **Nvidia** dominates the data center GPU market with a share of 70% to 90%, reporting record revenue of $44.1 billion in Q1 fiscal 2026, with data center revenue up 73% year-over-year [5][6] - **ASML Holding** is the sole manufacturer of extreme ultraviolet lithography machines, ensuring a significant market share and multiyear revenue visibility due to a substantial backlog [7][8] - **Microsoft** is monetizing AI through its Copilot subscriptions, generating billions in revenue shortly after launch, leveraging its vast distribution network of 1.5 billion Office users [9] - **Lemonade** utilizes AI to enhance insurance operations, processing 70% of claims instantly, leading to improved loss ratios and lower operational expenses compared to traditional insurers [10][11] - **SoundHound AI** has seen over 80% annual revenue growth by providing voice AI technology, with a focus on edge-computing to address privacy and latency concerns [12] - **Palantir Technologies** is experiencing over 70% annual commercial revenue growth, driven by its AI platforms that address security concerns in corporate AI adoption [13] - **Applied Digital** operates specialized data centers for AI workloads, securing long-term contracts for its entire 400MW capacity, positioning itself for predictable revenue growth [14] - **Oklo** develops small modular reactors to meet the energy demands of AI data centers, with each reactor providing 15MW to 50MW of clean power [15] - **CoreWeave** focuses on GPU-accelerated cloud computing, projecting $5 billion in revenue for 2025, with expectations of doubling to $11.6 billion in 2026 [16] - **BigBear.ai** applies AI in defense and commercial analytics, reporting Q1 2025 revenue of $34.8 million and maintaining a $385 million backlog for long-term revenue visibility [17] Investment Strategy - The identified companies represent various layers of the AI ecosystem, from infrastructure to specialized applications, showcasing strong fundamentals and clear growth paths [18]

Core Insights - ASML Holding and Texas Instruments are significant players in the semiconductor industry, with ASML focusing on advanced chip manufacturing equipment and Texas Instruments on analog and embedded chips [1][2] ASML Holding - ASML has a unique advantage in the chip equipment market as the only company capable of producing extreme ultraviolet (EUV) lithography machines at scale, essential for manufacturing chips at 5nm, 3nm, and soon 2nm levels [3][4] - The company is launching next-generation High-NA EUV machines, which will cater to the increasing demand for smaller and more efficient chips, particularly driven by AI growth [4] - In Q1 2025, ASML reported a revenue growth of 46% and a 93% increase in earnings per share, with an expected revenue increase of 15% for the full year [5] - ASML's exposure to China is a concern, as 41% of its shipments were to China in 2024, and U.S. export restrictions may limit future sales in that market [6] Texas Instruments - Texas Instruments focuses on analog and embedded chips, which are essential but exhibit slower growth compared to ASML's offerings [7] - The company derives 70% of its Q1 2025 revenues from industrial and automotive markets, with long-term growth opportunities in robotics, electric vehicles, and infrastructure automation [7][8] - In Q1 2025, Texas Instruments experienced an 11% revenue growth and a 6.7% rise in earnings per share, but these figures lag behind ASML's performance [10] - The personal electronics segment is underperforming, with revenues falling by mid-teens sequentially due to weak consumer demand and excess inventory [9] Financial Estimates and Valuation - ASML's 2025 sales and EPS estimates imply year-over-year growth of 21.5% and 30.5%, respectively, while Texas Instruments' estimates call for a 10.6% sales increase and a 6.7% EPS rise [13][16] - Year-to-date, ASML shares have increased by 7.7%, outperforming Texas Instruments' 0.5% rise [18] - ASML trades at a forward P/E multiple of 26.10X, lower than its three-year median, while Texas Instruments trades at a higher P/E of 32.14X, which is difficult to justify given its slower growth [20] Conclusion - ASML is positioned as the better investment option due to its unique technology, strong earnings growth, and favorable valuation, particularly in the context of increasing demand for AI and advanced chips [22]

Core Insights - Invictus Origin is a high-alpha investment management firm founded by Oliver Rodzianko in May 2025, aiming to become a globally recognized actively managed fund [1] - The firm's flagship product, the Nasdaq High-Alpha Black Swan Portfolio, is designed to sustainably outperform the Nasdaq-100 while maintaining approximately 20% in strategic cash reserves for downside protection [1] - Oliver Rodzianko has extensive experience as a macro-focused investment analyst, emphasizing fundamental valuation and sector expertise in technology, semiconductors, artificial intelligence, and energy [1] Company Strategy - Invictus Origin is developing innovative portfolio strategies to capture asymmetric upside by navigating market dislocations and intrinsic value cycles [1] - The firm aims to establish resilience and performance through disciplined capital stewardship, supported by a complementary family office structure focused on lower-volatility capital preservation [1] Market Position - Oliver Rodzianko has built a strong reputation as an investment analyst, providing actionable insights to sophisticated investors and industry-leading public figures [1] - The investment process integrates U.S. market specialization with comprehensive international market awareness, positioning Invictus Origin for durable outperformance [1]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：本文编译自ioplus 。 得益于ASML、NXP等公司以及强大的知识经济体系，荷兰始终站在芯片产业的前沿。但这种领先 地位正面临压力，荷兰经济事务部长Dirk Beljaarts在上周致议会的一封信中发出警告。国际竞争 日益激烈，地缘政治紧张局势不断升级，其他国家也在投入数十亿欧元发展本国的半导体产业。 Dirk Beljaarts明确表示：荷兰必须加快投资步伐，避免被甩在后头。 国际合作与安全防控 由于欧洲不可能掌控整个半导体产业链，荷兰也积极推动与韩国、日本、台湾和美国等国的合作， 涵盖创新、人才培养和知识交流等领域。近期还与韩国、新加坡签署了谅解备忘录（MoU），并 与印度开展了人才交流计划。 与此同时，安全问题也不容忽视。自2023年9月起，荷兰已对先进芯片制造设备实施更严格的出口 管控措施，以防其被用于军事目的。Beljaarts强调："这些技术不能在没有控制的情况下落入错误 之手。"此后，出口限制措施又进一步收紧。 加强国家创新能力 芯片的战略枢纽地位 半导体对几乎所有现代技术都是不可或缺的：从电动汽车、医疗设备，到人工智能和国防系统。然 而，芯片 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 2022年，欧盟推出《欧洲芯片法案》（EU Chips Act），提出到2030年将欧洲在全球半导体制造 市场的份额从当前的不足10%提升至20%。这是一个雄心勃勃的目标，象征着欧洲希望在数字经济 和技术主权方面摆脱对亚洲与美国的过度依赖。 当时欧盟委员会主席乌尔苏拉·冯德莱恩还表示，欧洲约占全球芯片产量的10%，实现市场份额的 翻倍并不算是遥不可及的事情。 然而，时间过去近三年，围绕该法案的争议和批评也愈发明显。项目推进迟缓、生态薄弱、战略目 标不切实际等问题，引发了多家欧洲主流媒体的质疑。 但与此同时，欧洲并没有停下脚步。在先进设备、功率器件、RISC-V架构以及吸引国际巨头方 面，欧洲半导体产业仍在努力构筑自己的价值链与战略纵深。 欧盟委员会表示，审计院已知共有29项潜在或正在进行的生产能力投资。其中包括13个"新型设 施"项目，其中4个已获批准，9个正在规划中，其中也包括英特尔尚未开工的马格德堡工厂。这13 个项目占据已知投资的最大份额：其中260亿欧元来自国家援助，600亿欧元来自制造商自身。 这也就是说，如果没有300亿欧元的英特尔工厂，就有超过三分之一的 ...