Summary of ASML Holding (ASML.AS) Conference Call Company Overview - **Company**: ASML Holding (ASML.AS) - **Industry**: European Semiconductors, Hardware and Gaming Tech Key Points and Arguments Financial Performance - **3Q25 Revenue**: Below Visible Alpha Consensus Data - **EBIT**: Approximately €2.5 billion, 2% ahead of consensus [1][3] - **Bookings in 3Q**: €5.4 billion, flat quarter-over-quarter from a strong 2Q25 order intake of €5.5 billion [1][3] - **EUV Orders**: €3.6 billion, significantly above consensus of €2.2 billion [1][3] Market Outlook - **Visibility into 2026**: Improving, supported by AI and EUV momentum [3][4] - **China Normalization**: Expected significant revenue drop in China, offset by stronger AI-led momentum in other regions [4][5] - **Memory Scaling**: Transition to 4F² expected to drive EUV intensity and support DUV demand [6][7] AI and Technology Trends - **AI Applications**: Justifying faster node migration, reinforcing long-term lithography intensity [6][7] - **Customer Base Expansion**: Increasing adoption of EUV layers across leading-edge Logic and DRAM [3][6] Revenue Estimates - **FY25 Estimates**: Broadly unchanged; FY26-29 revenue estimates raised by approximately 1% due to strong Logic/Memory demand associated with AI [5][7] - **Gross Profit Estimates**: Increased by approximately 1% for FY25-29 [5][7] - **EBIT Estimates**: Adjusted by +1% to +4% reflecting topline and operational expenditure changes [5][7] Valuation and Risks - **Price Target**: Raised to €1,050 from €935, reflecting a 20.3% upside potential [7][8] - **Key Risks**: Include EUV delays, capex cyclicality, and unfavorable market share shifts [7][8] Additional Insights - **Long-term Demand**: ASML is positioned to benefit from long-term demand for leading-edge nodes used in AI and high-performance computing [5][6] - **Customer Engagement**: Ongoing dialogue with key customers supports a constructive outlook [4][5] This summary encapsulates the essential insights from the ASML Holding conference call, highlighting the company's financial performance, market outlook, technological trends, revenue estimates, valuation, and associated risks.