Group 1: Market Overview - The Nasdaq Composite is down approximately 20% from its highs earlier in the year and is hovering around bear market territory, presenting potential opportunities to invest in promising technology stocks [1] - The ongoing sell-off in the market may provide a favorable environment for long-term investments in technology stocks, particularly those that pay dividends [1] Group 2: ASML Holding - ASML Holding is a leader in the lithography industry, particularly in extreme ultraviolet (EUV) lithography, which is essential for producing advanced semiconductor chips [3][4] - The company is expected to benefit from the generative AI boom, with McKinsey estimating that AI advancements could add approximately $9 trillion to global GDP by 2030 [2][3] - ASML's share price has decreased by 42% from its 52-week highs, influenced by the cyclical nature of the semiconductor industry and geopolitical uncertainties [5] - Currently trading at 26 times free cash flow (FCF), ASML's valuation is below its 10-year average of 38, with management projecting 15% sales growth by 2025 and revenue growth of 50% to 100% by 2030 [6] - ASML has increased its dividend by 153% over the past decade, with only 27% of its cash flows used to fund its current 1.1% dividend yield, indicating potential for future increases [7][9] Group 3: Motorola Solutions - Motorola Solutions is a leader in the public safety industry, with a strong history of outperforming the market and a focus on mission-critical products [10] - The company has a cash return on invested capital of 30% and has reduced its share count by 51% since 2011, enhancing shareholder value [11] - Motorola's product categories include Land Mobile Radio Communications (75% of sales), Video Security and Access Control (18% of sales), and Command Center solutions (7% of sales) [12] - The company has grown its dividend for 12 consecutive years, with a current yield of 1% and only 31% of its FCF used for dividends, allowing for continued increases [13] - Despite trading at a slight premium with a price-to-FCF ratio of 34, Motorola's essential products and shareholder-friendly cash returns position it as a safe investment in a turbulent market [14]

Group 1 - Tokio Marine Holdings, Inc. (TKOMY) has seen a 17.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Celsius Holdings, Inc. (CELH) has experienced a 20.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Bank First Corporation (BFC) has recorded a 5.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - InterDigital, Inc. (IDCC) has seen a 14.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - ASML Holding N.V. (ASML) has experienced a 4.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Financial Data and Key Metrics Changes - Total net sales for Q1 2025 were €7.7 billion, including €2 billion from the installed base business, which was within guidance [1] - Gross margin was reported at 54%, slightly better than guidance due to a higher average selling price (ASP) for EUV tools and customer-specific performance rewards [2] - Net income for the quarter was €2.4 billion, with order intake at €3.9 billion, including €1.2 billion for EUV [2] Business Line Data and Key Metrics Changes - The logic segment is expected to see strong growth, particularly in advanced logic, with customers ramping up to two-nanometer technology [6] - Memory is anticipated to remain stable at last year's levels, supported by customer activity [7] - The installed base is growing, with a stronger mix of EUV versus Deep UV tools contributing to growth in 2025 [7] Market Data and Key Metrics Changes - The overall revenue range for 2025 is projected between €30 billion and €35 billion, driven by strong AI demand [4][8] - Tariff dynamics are creating uncertainty in the market, potentially impacting GDP and overall market demand [8][16] Company Strategy and Development Direction - The company is focused on advancing technology, particularly in EUV and High NA systems, to meet customer needs and optimize their product roadmaps [9][12] - There is an emphasis on transitioning from multi-patterning to single-exposed EUV, which is expected to enhance litho intensity and reduce process complexity [11][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges strong AI demand as a key driver for the market, with expectations for growth in 2025 and 2026 [24][25] - There is caution regarding the impact of tariffs on long-term growth, with ongoing monitoring of the situation [16][25] Other Important Information - The company executed a share buyback of €2.7 billion in Q1 and proposed a total dividend of €6.4 per ordinary share for 2024 [22] - Guidance for Q2 revenue is expected to be between €7.2 billion and €7.7 billion, with a gross margin forecast of 50-53% [17][19] Q&A Session Summary Question: How does the company view the impact of tariffs on 2025? - Management highlighted the dynamic nature of tariffs and their potential direct and indirect implications on the ecosystem and overall market demand, emphasizing the need for careful monitoring [14][16] Question: What is the guidance for Q2? - Revenue is expected between €7.2 billion and €7.7 billion, with a gross margin of 50-53%, reflecting uncertainties related to tariffs [17][19] Question: What are the long-term market expectations beyond 2025? - The company anticipates continued strength in AI demand and a shift towards more advanced technology, with a focus on lithography advancements [24][25]

Core Viewpoint - The technology sector is showing renewed optimism for demand and growth in artificial intelligence, which is expected to drive future earnings in the semiconductor industry [1] Group 1: NVIDIA's Investment - NVIDIA announced plans to invest hundreds of billions in U.S. semiconductor infrastructure to reduce reliance on international supply chains [2] - This investment is crucial as COVID-19 disruptions highlighted the risks of depending on foreign sources for semiconductor supply [2] Group 2: Taiwan Semiconductor Manufacturing (TSM) - Taiwan Semiconductor Manufacturing (TSM) is a key player supplying materials to NVIDIA, and its investments in U.S. manufacturing indicate increased demand [2][5] - TSM's decision to expand its presence in the U.S. may enhance investor confidence amid rising geopolitical tensions between the U.S. and China [3] Group 3: Market Performance and Investment Flows - TSM's stock has seen a positive shift in investment flows, with institutional capital of $9.8 billion entering the stock over the past quarter [7] - The stock is currently trading at 78% of its 52-week high, attracting buyers and indicating a potential bottoming [6] Group 4: Stock Forecast and Valuation - Analysts have set a 12-month price target for TSM at $220.00, representing a 21.73% upside potential [9] - The stock's price-to-book (P/B) ratio is 8.1x, significantly higher than the computer sector's average of 6.2x, reflecting its premium valuation [11] Group 5: Future Outlook - The importance of TSM in the semiconductor supply chain is becoming increasingly apparent, leading to a willingness among investors to pay a premium for its stock [12] - The bullish sentiment is supported by analysts' ratings, with some projecting a high target of $255 per share [9][10]

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].

Core Insights - There is a range of analyses on ASML, with ratings varying from Strong Sell to Strong Buy, indicating differing opinions on the company's stock performance [1] Group 1 - The article highlights the diverse perspectives on ASML's stock, with some analysts recommending a Strong Sell while others suggest a Strong Buy [1] - The author possesses a master's degree in engineering and management, which aids in understanding the economic and technological aspects of companies like ASML [1]

Core Viewpoint - The chip market presents a significant investment opportunity, particularly in companies like Taiwan Semiconductor and ASML, which are crucial players in the AI technology landscape [2][10]. Group 1: Taiwan Semiconductor (TSMC) - TSMC is a contract chip manufacturer, fabricating chips designed by companies like Apple and Nvidia, allowing it to focus on manufacturing without marketing concerns [3]. - TSMC has a unique position of serving both competitors in the AI space, manufacturing chips for AMD and custom AI accelerators, which provides insights into future demand [3][4]. - TSMC's management projects a 45% compound annual growth rate (CAGR) for AI-related chips over the next five years, contributing to an overall revenue growth rate of 20% during the same period [4][5]. - TSMC's culture of continuous improvement positions it favorably in the chipmaking industry [5]. Group 2: ASML - ASML produces the machines necessary for manufacturing advanced chips, holding a technological monopoly with its extreme ultraviolet lithography machines [6]. - The company faces regulatory challenges, particularly in selling machines to China, which has led to a revision of its 2025 revenue guidance from 30 billion to 35 billion euros, down from 30 billion to 40 billion euros [7][8]. - Despite regulatory constraints, ASML's machines are essential for high-end chip manufacturing, and its sales are expected to grow alongside the industry [9]. Group 3: Investment Outlook - Both TSMC and ASML stocks are currently attractively priced, with TSMC trading at 22 times forward earnings, which is comparable to the S&P 500 average [10][11]. - ASML's stock is priced at 30 times forward earnings, the lowest since early 2024, reflecting its strong market position [12]. - The current market conditions present an excellent opportunity for investors to acquire shares in both companies, with expectations of substantial growth in the chip market over the next five years [13].