Asml Stock Reaches $668 Billion as Europe's Most Valuable Company
asml stock closed Wednesday, June 3, at a $668 billion market cap, making ASML the most valuable company in European history. The move pushed it past Novo Nordisk's $650 billion record from June 2024 and gave investors a new benchmark for what the chip equipment maker can supply.
That valuation reflects a sharper view of ASML's output, especially for extreme ultraviolet lithography machines used by TSMC, Samsung and Intel. For shareholders, the question is no longer whether ASML dominates that market, but how much more volume it can deliver without new factory capacity.
Analysts Lift ASML Targets
€1,900 was JPMorgan's new price target for ASML, up from €1,515, with an Overweight rating left intact. Morgan Stanley moved its target to €1,660 from €1,400 and kept the same rating, after reassessing how much production ASML can squeeze from its current setup.
More than 110 low-NA EUV systems can be delivered without adding new building capacity, JPMorgan analyst Sandeep Deshpande said. That compares with roughly 90 units investors had treated as the ceiling, a gap that helps explain why the shares have climbed roughly 50% this year.
Brainport Expansion and Intel
April 2025 brought another signal: ASML's annual general meeting outlined an expansion at the Brainport Industries Campus in Eindhoven. Morgan Stanley said that plan "needs to be the start of a multi-phase build-out," while construction is set to begin in the third quarter of 2026.
Late last year, Intel installed a High-NA EXE:5200B for its 14A node, showing where the most advanced ASML tools are already landing. Those systems run from roughly $235 million for a low-NA machine to about $380 million for the High-NA EXE:5200B, keeping the economics tied to how quickly customers can absorb new capacity.
ASML's EUV Pressure
$100 million is the amount Substrate has raised for a particle-accelerator X-ray lithography system, one of several efforts aiming at ASML's position. Substrate says its system can pattern 2nm-class features at roughly $10,000 per wafer, while its model for leading-edge EUV is $100,000 per wafer.
Canon is shipping commercial nanoimprint tools and Nikon has entered with a lower-end product, while China has touted a workaround to ASML's equipment. Even so, ASML remains the sole supplier of the EUV machines that advanced chipmakers rely on, and Wednesday's $668 billion valuation shows how much of the chip supply chain still sits on that assumption.
