ASML: The Engine Driving AI’s Decade of Dominance


**ASML: A Tech Titan Dominating the Future of AI**

Prepare to be immersed in the captivating world of ASML, the European chip giant poised to revolutionize artificial intelligence (AI) in the years to come. This Dutch behemoth boasts an unrivaled position in the semiconductor industry, etching its name in the annals of technological innovation.

**The Gatekeeper of Chip Production**

ASML’s forte lies in the production of state-of-the-art machinery crucial for manufacturing the world’s most advanced chips. Its clientele includes industry titans like TSMC, the architect behind AI chips engineered by Nvidia, AMD, and Intel, as well as Samsung and SK Hynix. ASML’s dominance is particularly evident in the realm of lithography equipment, an indispensable step in the chipmaking process where beams of light craft the intricate circuitry at the heart of chips.

ASML Facilities
ASML’s advanced facilities are driving innovation in the chip industry.

Moreover, ASML stands alone as the sole supplier of the game-changing extreme ultraviolet (EUV) machines, an essential tool for crafting the next generation of ultra-miniaturized chips with dimensions of just three nanometers.

**Investing in the Future**

Marcus Morris-Eyton, an expert fund manager, believes that ASML is currently navigating a transition year due to the market’s surplus capacity. However, his optimism remains unwavering, foreseeing a “very strong” 2025 for the company.

This confidence is reflected in ASML’s impressive stock performance, with a surge of 25.6% recorded in 2024. The AB European Growth Portfolio, seizing the opportunity, has allocated a substantial 7.36% of its investments to ASML.

尽管 ASML在上个季度销量不及预期,但利润表现却超过了分析师的预测。而尽管 ASML 在本季度的指导被分析师认为有些“温和”,导致其股价当日下跌 7%,但由于 ASML 维持了其下一年的销售目标,华尔街分析师认为任何股价的下跌都应被视为买入机会。华尔街分析师的看法

  1. 5 月 15 日,瑞银分析师 Francois-Xavier Bouvignies 在一份发送给客户的研究报告中表示:“我们也看好 ASML,我们相信来自台积电和其他存储器厂商的 EUV 订单将在未来几个季度得到解决。”
  2. 同样,Berenberg 的分析师 Tammy Qiu 轻描淡写地谈论了第一季度的表现不佳,他说:“ASML 的订单将因季度而异,所以第一季度低于预期的水平并不能说明该集团将无法实现 350 亿欧元的 2025 年收入指导。”
  3. 4 月 17 日,美银美林分析师 Didier Scemama 和 Marie Ganneval 在给客户撰写的一篇研究报告中表示:“我们预计 [2024 年每股收益共识] 没有变化,并且相信能实现高达 350 亿欧元的中期目标。 [2025 年估计]”。

**A “Quasi-Monopoly” in the AI Era**

Morris-Eyton, who also co-manages AllianceBernstein’s Global Growth Portfolio, advises investors to disregard short-term challenges and prioritize long-term investments in ASML. “We’re investing in ASML not for a 12-month view,” he told CNBC Pro. “We’re investing in ASML because of their technology, which is almost in a quasi-monopoly position, which will accelerate many of the tech developments like AI for the next decade and decades to come.”

In line with this vision, ASML has recently inaugurated a cutting-edge test lab in collaboration with Belgium’s Imec, a chip research powerhouse. This state-of-the-art facility will provide industry leaders and suppliers with an unprecedented opportunity to leverage this groundbreaking 350 million euro (0 million) tool.

ASML's New Tool
ASML’s revolutionary “High NA” tool empowers the creation of smaller, high-performance chips.

The “High NA” tool, a true marvel of engineering, boasts a 60% improvement in resolution, paving the way for a new era of compact, lightning-fast chips. Customers are anticipated to commence commercial production with this remarkable tool in 2025 and beyond.

“Ultimately, if you need AI, if you need [electric vehicles], if you need data centers, you need more chips,” Morris-Eyton emphasized. “This means you need more EUV tools, and ASML is the only provider that can do those.”

The tale of ASML is a testament to the transformative power of technology, signaling a future where chips and AI will reshape countless aspects of our lives. With its unrivaled position in the semiconductor industry, ASML is poised to orchestrate this revolution, empowering us to unlock limitless possibilities in the years ahead.