如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 CNBC 。 在荷兰一个巨型实验室里，严密的大门后，有一台机器正在改变微芯片的制造方式。ASML该公司 耗时近十年研发了高数值孔径（High NA）芯片。该芯片造价超过4亿美元，是世界上最先进、最 昂贵的芯片制造设备。 CNBC 于 4 月份前往荷兰参观了该实验室。在此之前，High NA 从未被拍摄过，即使是 ASML 自己的团队也是如此。 在实验室内，High NA 认证团队负责人 Assia Haddou 向 CNBC 独家近距离展示了 High NA 机 器，她称这些机器"比双层巴士还要大"。 该机器由四个模块组成，分别在康涅狄格州、加利福尼亚州、德国和荷兰制造，然后在荷兰费尔德 霍芬的实验室组装，进行测试和批准，然后再次拆卸运出。 Haddou表示，这需要七架部分装载的 波音飞机747 飞机，或者至少 25 辆卡车，才能将一套系统送到客户手中。 全球首个 High NA 商业化安装于英特尔，该公司将于 2024 年在俄勒冈州建造芯片制造厂（简称 fab）。迄今为止，只有五台这种巨型机器被交付使用。 目前，只有少数台湾半导体制造公司、三星和 ...

Core Insights - The article discusses the investment positions of various analysts and the Motley Fool's recommendation of ASML [1] Company Insights - The Motley Fool has positions in and recommends ASML, indicating a positive outlook on the company's stock performance [1]

Core Insights - ASML has developed the High NA machine, the world's most advanced and expensive chipmaking machine, with a cost exceeding $400 million, which is set to transform microchip production [1][4][12] - The first commercial installation of High NA occurred at Intel's Oregon chip fabrication plant in 2024, with only five machines shipped to date [3][4] - High NA is expected to be utilized by all ASML's EUV customers, including major chipmakers like TSMC, Samsung, and Micron, enhancing chip production efficiency and yield [4][21] Technology and Development - High NA machines are larger than a double-decker bus and consist of four modules manufactured in different locations, requiring significant logistics for delivery [2] - The technology behind High NA allows for higher resolution projections of chip designs, reducing the need for multiple patterning and improving yield [7][13] - ASML's High NA machines have shown significant improvements over previous EUV machines, with Intel reporting a 100% increase in reliability and Samsung noting a 60% reduction in cycle time [6][7] Market Position and Strategy - ASML holds a dominant position in the EUV lithography market, being the exclusive manufacturer of these machines, which are essential for producing advanced microchips [4][5] - The company sold 44 EUV machines in 2024, with a starting price of $220 million, while its older DUV machines accounted for 60% of its business [16][17] - ASML's sales to China peaked at 49% of its business in Q2 2024, but are expected to normalize to 20%-25% in 2025 due to U.S. export controls on EUV technology [17][18] Future Outlook - ASML plans to ship at least five more High NA systems in the current year and aims to ramp up production capacity to 20 machines in the coming years [24] - The company is also developing the next generation of machines, Hyper NA, expected to be needed between 2032 and 2035, with draft optical designs already in progress [23][24] - ASML is establishing a training center in Arizona to train 1,200 individuals annually on EUV and DUV technologies, addressing the growing demand for skilled labor in the semiconductor industry [23]

【导读】比特币价格创新高，美股走势分化 大家好，今晚继续关注海外市场的表现。 见证历史！比特币创新高 5月21日晚间，比特币上涨至历史新高，突破了今年1月创下的纪录。 在美国稳定币立法取得进展和激发了在特朗普领导下对监管明晰的希望后，比特币创下历史新高。这款最大加密货币攀升至109455.99美元的纪录，突破 了此前在1月20日特朗普就职时创下的最高点。 近期，比特币及更广泛的加密市场因监管利好而大幅反弹——包括一组民主党人周一放弃反对后，行业支持的稳定币法案在美国参议院获得推进。该法案 现已提交至参议院全院辩论，两党人士希望本周尽快通过。 Galaxy Digital创始人兼首席执行官迈克尔·诺沃格拉茨接受采访时表示："这是从盖瑞·詹斯勒及其领导下的美国证券交易委员会（SEC）向这个拥抱我们行 业的特朗普政府的策略转变。" 拟议立法的条款已被修订，新增了对洗钱、外国发行方、科技公司等方面更严格的限制，并加强了消费者保护措施。该法案还将确保美国国内和外国发行 方遵守相同的规则。 芝加哥商品交易所集团的比特币期货未平仓合约数量已较今年4月的年内低点回升了23%。与此同时，投资者在5月份已向美国12只比特币交易所 ...

Core Viewpoint - ASML Holding N.V. has experienced a significant share price increase of over 17% in the past month, outperforming the S&P 500 index which rose by 12.1% during the same period [1][2]. Market Dynamics - The recent rally in ASML's stock is attributed to broader market optimism stemming from progress in U.S.-China trade negotiations, which have improved market sentiment since late April [2][4]. - A recent trade deal between the U.S. and China has led to a temporary reduction in tariffs, with the U.S. lowering tariffs on Chinese imports from 145% to 30%, and China reducing duties on U.S. imports from 125% to 10% for 90 days [3][4]. Industry Performance - The positive market sentiment has also benefited other semiconductor companies, with Lam Research, KLA Corporation, and Applied Materials seeing share price increases of 32.5%, 24%, and 19.6% respectively over the past month [5]. Technological Leadership - ASML holds a near-monopoly in extreme ultraviolet (EUV) lithography, essential for producing advanced chips at 3nm and below, positioning the company as a key player in semiconductor manufacturing [6][9]. - The introduction of High-NA EUV technology, designed for sub-2nm nodes, represents a significant advancement in chip manufacturing, although its adoption has been slower than anticipated [7][9]. Growth Drivers - The ongoing AI revolution is expected to drive demand for advanced semiconductors, with ASML's EUV and High-NA EUV machines being critical for manufacturing these chips [10][11]. - As cloud providers and tech giants expand their AI infrastructure, the demand for ASML's lithography tools is anticipated to increase, providing long-term growth opportunities [11]. Financial Performance - ASML's first-quarter 2025 financial results showed resilience, with net sales of €7.74 billion, a 46% year-over-year increase, and net income rising 92% to €2.36 billion [12]. - The company's gross margin expanded by 300 basis points year-over-year to 54%, reflecting strong cost management and productivity improvements [13]. - ASML expects a 15% revenue growth for 2025, driven by rising demand for EUV and DUV lithography systems, along with a forecasted 70-basis-point margin expansion [14]. Valuation - ASML's stock trades at a premium with a forward 12-month price-to-earnings (P/E) ratio of 26.2, higher than the sector average of 25.5, justified by its technological dominance and growth prospects [15][17]. - Compared to other semiconductor players, ASML's P/E ratio exceeds those of KLA Corporation, Lam Research, and Applied Materials, which trade at 24.1X, 21.25X, and 17.09X respectively [17]. Investment Recommendation - Given ASML's technological leadership, robust financials, and strong long-term growth potential, the stock is considered a compelling buy [18].

Group 1 - The article presents a 'Neutral/Hold' view on investment performance, indicating that this perspective has been accurate so far [1] - The author manages a family portfolio through a Self Managed Super Fund, focusing on generating alpha against the S&P 500 [2] - The typical investment holding period ranges from a few quarters to multiple years, suggesting a long-term investment strategy [2] Group 2 - The article emphasizes the importance of reviewing the ratings history of published articles to gauge the author's investment recommendations and skill [2] - There is a clear disclosure that the author has no current stock or derivative positions in the mentioned companies, ensuring transparency [3] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the platform's overall stance [4]

While many investors chase fleeting market trends, dividend growth investing offers something far more valuable. Namely, compounding wealth through businesses that pay you to own them. Moreover, elite dividend growth stocks, defined as those with five-year dividend growth rates above 6% and payout ratios under 75%, have a stellar record of delivering superior returns to the benchmark S&P 500.This outperformance reveals a deeper truth about exceptional businesses. Companies that consistently grow dividends f ...

Core Insights - Appaloosa Management, led by billionaire David Tepper, reported a total market value of $8.38 billion for Q1 2025, up 15.65% from $6.46 billion in the previous quarter [1][2] - The fund added 7 new stocks, increased holdings in 8 stocks, reduced holdings in 21 stocks, and completely exited 6 stocks during the quarter [1][2] - The top 10 holdings accounted for 77.25% of the total market value [2] Holdings Overview - The largest position was in SPDR S&P 500 Fossil Fuel Reserves Free ETF put options (SPYX.US), with 4.5 million shares valued at approximately $2.52 billion, representing 30.03% of the portfolio [3][6] - Alibaba (BABA.US) was the second-largest holding with 9.23 million shares valued at about $1.22 billion, a decrease of 22.06% from the previous quarter [3][6] - Other significant holdings included Pinduoduo (PDD.US) with 4.37 million shares valued at $517.19 million, Amazon (AMZN.US) with 2.51 million shares valued at $477.55 million, and JD.com (JD.US) with 8.05 million shares valued at $331.02 million [4][5][6] Trading Activity - Notable new purchases included put options for Apple (AAPL.US), Deutsche Bank (DB.US), L3Harris Technologies (LHX.US), Broadcom (AVGO.US), VanEck Semiconductor ETF put options (SMH.US), and Block (XYZ.US) [6][7] - The fund completely exited positions in AMD (AMD.US), Antero Resources (AR.US), EQT Energy (EQT.US), Expand Energy (EXE.US), FedEx (FDX.US), and Intel (INTC.US) [7] - Significant reductions were made in holdings of Microsoft (MSFT.US), NVIDIA (NVDA.US), Qualcomm (QCOM.US), ASML (ASML.US), and Micron Technology (MU.US) [7][8] Performance Metrics - The turnover rate for the quarter was 29.55%, with an alternative turnover rate of 20.07% [2] - The average holding period for the top 20 stocks was 8.85 quarters, while the top 10 stocks had an average holding period of 10.9 quarters [2]

ASML (ASML) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ASML broke through the 200-day moving average, which suggests a long-term bullish trend.A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance l ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：本文综合自网络 ，谢谢。 欧洲面临着艰难的选择——为"主权"而战、与中国亲近，还是与华盛顿合作。 据报道，特朗普政府准备对半导体征收大范围关税。目标不仅限于中国或外国成品芯片。潜在的 所谓"零部件关税"将把设备内部外国制造芯片的价值加总，并对成品设备征收关税。 且不论如此复杂的方案是否切实可行（严肃的分析师对此表示怀疑），关税可能会损害欧洲的利 益，减少其自身尖端芯片的销售，并减缓欧洲大陆的芯片投资。欧洲最好的应对措施并非通过芯 片补贴进行反击，而是与中国合作，并在必要时对一系列美国数字产品征税进行反击。 我们先来看看潜在的直接影响。欧洲对美国的芯片出口几乎不会受到影响。欧洲仅占全球芯片产 量的8%，而且大部分都销往欧洲汽车行业，而不是在亚洲组装的消费电子产品。 欧洲真正的优势——以及其脆弱性——在于生产制造尖端芯片所必需的机器。领先的荷兰光刻设 备制造商ASML将受到影响。尽管该公司计划将"大部分"关税成本转嫁给美国客户，但由于贸易 战影响的不确定性，该公司已经预测订单将放缓。由于非人工智能芯片产能过剩，包括英特尔、 台积电和三星在内的ASML客户正在推迟设备 ...