ASML exited 3QC25 with €32B+ backlog. 77% of backlog stretches into CY26 and beyond; covers 100%+ of CY26 system revenue (assuming flat y/y). Growth not an issue for C26. Positive signs all over from logic and memory customers. TSMC just upgraded its capex forecast to $52-$56B for '26. Book-to-bill normalising to 1 and ready to inflect.
Source: Sravan Kundojjala
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