ASML exited 2QC25 with €33B backlog and already secured full coverage for DUV and EUV for CY25. 58% of backlog stretches into CY26 and beyond and covers 75%+ of CY26 system revenue (assuming flat y/y). Assuming they hit €3.1B order on average for the next 2 quarters, CY26 growth possible (barring any cancellations). Trends are positive with TSMC going full speed on N2 ramp, Intel talking about 18A capacity additions and Samsung Taylor fab kicking off. Memory is firing as well.
Source: Sravan Kundojjala
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