X @郭明錤 (Ming-Chi Kuo)

My latest supply-chain surveys indicate that Carl Zeiss SMT will significantly expand its EUV and higher-ASP immersion DUV optical system capacity by 20-25% YoY and 40-50% YoY, respectively, in 2027 to meet robust demand from ASML. Coupled with stronger-than-expected shipment outlooks for 2026, ASML's revenue is projected to reach €38–40bn in 2026 and €45–47bn in 2027, outperforming market consensus of ~€34–36bn and ~€41–43bn.Key drivers behind the upside vs. consensus are as follows:1. 2026 Growth Drivers: ...