on 05-Jan-2026 4 January 2026 EU Semiconductors EU Semis: 2026 outlook - Upgrading ASML to Outperform and Top Pick David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Carmine Milano +44 20 7762 1857 carmine.milano@bernsteinsg.com 4F2 migration is still a concern for EUV as feature size would increase, but it is likely to be postponed as suppliers prioritize manufacturability over cost in an up cycle. Advanced logic will be another driver with TSMC reportedly expanding 3nm capacity to 180-200kwpm to addr ...