ASML Holding N.V. develops, produces, markets, sells, and services advanced semiconductor equipment systems for chipmakers. It offers advanced semiconductor equipment systems, including lithography, metrology, and inspection systems. The company also provides extreme ultraviolet lithography systems; and deep ultraviolet lithography systems comprising immersion and dry lithography solutions to manufacture various range of semiconductor nodes and technologies. In addition, it offers metrology and inspection systems, including YieldStar optical metrology systems to assess the quality of patterns on the wafers; and HMI electron beam solutions to locate and analyze individual chip defects. Further, the company provides computational lithography solutions, and lithography systems and control software solutions; and refurbishes and upgrades lithography systems, as well as offers customer support and related services. It operates in Japan, South Korea, Singapore, Taiwan, China, rest of Asia, the Netherlands, rest of Europe, the Middle East, Africa, and the United States. The company was formerly known as ASM Lithography Holding N.V. and changed its name to ASML Holding N.V. in 2001. ASML Holding N.V. was founded in 1984 and is headquartered in Veldhoven, the Netherlands.

ASML Holding N.V. - New York Registry Shares

Below is Validea's guru fundamental report for ASML HOLDING NV (ADR) (ASML). Of the 22 guru strategies we follow, ASML rates highest using our Twin Momentum Investor model based on the published strategy of Dashan Huang. This momentum model looks for a combination of fundamental momentum and price momentum.
ASML HOLDING NV (ADR) (ASML) is a large-cap growth stock in the Semiconductors industry. The rating using this strategy is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of ASML HOLDING NV (ADR)
ASML Guru Analysis
More Information on Dashan Huang
About Dashan Huang: Dashan Huang is an Assistant Professor of Finance at the Lee Kong Chian School of Business at Singapore Management University. His paper "Twin Momentum" looked at combining traditional price momentum with improving fundamentals to generate market outperformance. In the paper, he identified seven fundamental variables (earnings, return on equity, return on assets, accrual operating profitability to equity, cash operating profitability to assets, gross profit to assets and net payout ratio) that he combined into a single fundamental momentum measure. He showed that stocks in the top 20% of the universe according to that measure outperformed the market going forward. When he combined that measure with price momentum, he was able to double its outperformance.
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About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ASML Quantitative Stock Analysis

Lam Research Corporation LRCX recently posted robust first-quarter fiscal 2026 results, helping its shares rise 11% since the Oct. 22 release. LRCX’s first-quarter top and bottom lines surpassed the Zacks Consensus Estimate and marked a significant year-over-year improvement.
The latest quarterly performance is likely to push its share prices further, which have already witnessed a remarkable run this year so far. The stock has soared 117.6% year to date (YTD), outperforming the Zacks Electronics - Semiconductors industry’s gain of 42.3%.
Lam Research has also outpaced the gains of other semiconductor peers, including KLA Corporation KLAC, ASML Holding ASML and Applied Materials AMAT. YTD, shares of KLA Corporation, ASML Holding and Applied Materials have surged 93.4%, 52.7% and 42.7%, respectively.
Lam Research YTD Price Return Performance
Image Source: Zacks Investment Research
For investors considering their next move, here’s why buying Lam Research stock might be the most prudent approach now.
Q1 Performance Shows LRCX’s Financial Resilience
Lam Research’s first-quarter earnings surpassed expectations, showcasing the company’s solid financial foundation. Total revenues rose 28% year over year to $5.32 billion and beat the Zacks Consensus Estimate by 2%, primarily driven by continued demand across the Systems and Customer Support Business Group segments.
Lam Research reported first-quarter non-GAAP earnings of $1.26 per share, which beat the consensus mark by 4.1%. The bottom line also increased 46.5% on a year-over-year basis.
Lam Research Corporation Price, Consensus and EPS Surprise
Expanding its manufacturing operations in Asia has also helped the company lower costs and improve margins. In the first quarter, Lam Research’s non-GAAP operating margin rose to 35%, up 410 basis points from the year-ago quarter, which is impressive, considering the challenging macroeconomic environment.
This strong financial performance reinforces Lam Research’s resilience in navigating an evolving semiconductor cycle. As demand grows for advanced nodes, LRCX’s specialized technology in etch and deposition tools for high-aspect-ratio structures positions it well to capitalize on this trend. The company’s first-quarter results also highlight its effective cost management, which has enabled sustained profitability even amid fluctuating end-market demand.
Datacenter and AI Chip Demand Boosts LRCX’s Prospects
Lam Research is benefiting from the booming demand for artificial intelligence (AI) and datacenter chips, which require advanced fabrication technologies. The company’s deposition and etch solutions are critical for producing high-bandwidth memory (HBM) and advanced packaging technologies, which are essential for AI workloads.
In 2024, Lam Research’s shipments for gate-all-around nodes and advanced packaging exceeded $1 billion, and management expects this figure to triple to more than $3 billion by 2025. Additionally, the industry’s migration to backside power distribution and dry-resist processing presents further growth opportunities for Lam’s cutting-edge fabrication solutions.
With AI-driven investments accelerating, Lam Research’s leading position in etch and deposition makes it a key beneficiary of the ongoing semiconductor spending cycle.
Analysts’ expectations for top and bottom lines indicate continued growth momentum for Lam Research in the years ahead. The Zacks Consensus Estimate for fiscal 2026 and 2027 revenues signifies a year-over-year increase of 11.9% and 11.7%, respectively. The consensus mark for fiscal 2026 and 2027 earnings per share indicates growth of 13% and 16.1%, respectively.
LRCX’s Valuation Still Looks Attractive
Even after the robust YTD rally, Lam Research stock doesn’t look expensive. LRCX currently trades at a forward price-to-earnings (P/E) multiple of 31.83, which is significantly lower than the industry’s 37.93. The company’s discounted valuation multiple aligns with its long-term growth potential.
Lam Research Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research
Compared with major semiconductor stocks, LRCX trades at a lower P/E multiple than ASML and KLA Corporation, while at a premium to AMAT. At present, ASML Holding, KLA Corporation and Applied Materials have forward 12-month P/E multiples of 35.39, 33.46 and 24.56, respectively.
Final Thoughts: Buy LRCX Right Now
Lam Research’s discounted valuation, solid financial performance and strategic focus on AI-driven growth make it a compelling investment option right now. The company’s expanding market share in AI and datacenter fabrication, coupled with innovative product launches, strengthens its competitive positioning.
LRCX sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
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Should Lam Research Stock Be in Your Portfolio Post Solid Q1 Earnings?

For Immediate Release
Chicago, IL – October 28, 2025 – Zacks Equity Research shares ASML Holding ASML as the Bull of the Day and Papa John’s International PZZA as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Exxon Mobil Corp. XOM and Enterprise ProductsPartners LP EPD.
Here is a synopsis of all four stocks.
ASML Holding, the world’s leading manufacturer of advanced technology systems for the semiconductor industry, has been on a powerful bull run in recent months after a sharp correction between late 2024 and early 2025.
As the AI boom continues and demand for advanced semiconductors accelerates, ASML stands at the center of this technological surge. The company maintains a true monopoly in producing extreme ultraviolet (EUV) lithography machines, equipment that is absolutely essential for manufacturing the world’s most advanced chips, making it one of the clearest ways to invest in the ongoing AI-driven semiconductor expansion.
Recent earnings estimate upgrades have lifted ASML to a top Zacks Rank, while strong price momentum underscores renewed investor enthusiasm. In this piece, we’ll take a closer look at ASML’s earnings trends, historical valuation, and the technical setup that could fuel its next leg higher.
Earnings Upgrades Lift ASML Stock
ASML currently holds a Zacks Rank #1 (Strong Buy), reflecting a wave of upward revisions to earnings estimates in recent months. Consensus estimates have been raised by 3.8% for the current year and 2.9% for next year, signaling growing analyst confidence in the company’s growth trajectory.
Longer term, ASML’s earnings are projected to grow at an impressive 20.9% annually over the next three to five years, an exceptional rate for a company of its size. The company operates within the Semiconductor Equipment – Wafer Fabrication industry, where it is effectively the sole major player, and that group currently ranks #3 out of 243 industries, placing it firmly in the top 1% of all Zacks ranked industries.
Importantly, the market has responded decisively to these upgrades. Since estimates began trending higher roughly 60 days ago, ASML shares have surged nearly 40%, underscoring strong investor conviction and the renewed momentum surrounding the semiconductor capital equipment space.
ASML Holding Shares Trade in Line with Historical Average
ASML Holding currently trades at a forward earnings multiple of 35.5x, a premium to the broader market but consistent with its long history of commanding higher valuations. With its deep competitive moat, strong growth outlook, and leading-edge technology, ASML has long justified this premium as the sole provider of EUV lithography systems essential to advanced chip production.
Over the past decade, the company’s median forward P/E has been 31.9x, meaning today’s valuation sits only modestly above its long-term average. Considering the accelerating demand from the AI boom and the global expansion of semiconductor manufacturing capacity, ASML may be better positioned than ever to sustain its growth and support these elevated multiples.
ASML Stock Stages Major Breakout
One of the most compelling bullish catalysts for ASML Holding right now is its technical setup. Following a steep 50% correction between mid-2024 and early 2025, the stock has staged an impressive rebound, yet there may still be considerable upside ahead.
Over the last month, the stock has carved out a well-defined bull flag and just this Monday, broke out from the pattern. From a trading perspective, the key level to watch is $1,045, which now serves as a critical area of support.
As long as the stock holds above this breakout zone, the technical outlook remains firmly bullish, and the next leg higher could carry shares to a new record high in the near-term.
Should Investors Buy Shares in ASML?
ASML’s combination of fundamental strength, earnings momentum, and technical leadership makes it one of the most compelling names in the semiconductor space today. The company’s unrivaled monopoly in EUV lithography technology ensures its systems remain indispensable to every major chip manufacturer, from Nvidia to TSMC, positioning it as a core beneficiary of the AI-driven buildout in advanced semiconductors.
Despite its elevated valuation, ASML continues to justify its premium through consistent execution, accelerating earnings growth, and expanding margins.
With its critical role in enabling the next generation of chip design and production, ASML stands at the epicenter of the AI hardware revolution. For investors seeking exposure to the long-term growth of the semiconductor industry, ASML remains a premier name to own, and one that could continue leading the market higher in the months ahead.
Papa John’s International has faced a series of headwinds in recent years, from sluggish sales growth and an elevated valuation to ongoing reputational challenges tied to its former CEO. The stock has been trending lower since early 2022, reflecting the company’s struggle to reignite momentum amid rising competition and weakening brand perception.
Adding to the pressure, analysts have steadily revised earnings estimates downward, signaling eroding confidence in near-term performance. While acquisition rumors have offered brief support, the company’s standalone fundamentals remain weak, making Papa John’s a name investors may want to avoid until its outlook improves.
PZZA Stock Slumps on Downgrades
Earnings estimates for Papa John’s have been trending steadily lower since 2022 and were cut again over the past 30 days, giving the stock a Zacks Rank #5 (Strong Sell) rating. Analysts have reduced current year earnings estimates by 1.7% and next year’s by 4.5%, reflecting continued pressure on both sales and margins.
Revenue growth remains tepid as well, with sales expected to rise just 2.9% this year and 1.2% in 2026, suggesting limited momentum despite efforts to stabilize operations. Adding to the challenge, the Retail–Restaurants industry, of which Papa John’s is a part, currently ranks in the bottom 9% of all Zacks ranked industries, further weighing on investor sentiment and near-term performance potential.
Papa John's International Shares Trade at a Premium
Perhaps most concerning is that, despite multiple bearish catalysts, Papa John’s International continues to trade at a premium valuation. The stock’s forward earnings multiple of 31.2x sits above both the industry average and its own 10-year median of 28x.
Adding to the concern, earnings are projected to grow just 6.6% annually over the next three to five years. That modest outlook gives PZZA a PEG ratio of 4.7, an exceptionally high level that underscores how stretched the valuation appears relative to its growth potential.
Should Investors Avoid PZZA Stock?
With slowing growth, falling earnings estimates, and an industry ranking near the bottom of the Zacks universe, Papa John’s International faces a difficult road ahead. The company’s challenges are compounded by an elevated valuation, leaving little margin for error even if results stabilize.
Until sales trends improve and earnings momentum returns, investors may be better served focusing on stronger names within the restaurant industry or the broader consumer discretionary sector. For now, PZZA remains a clear avoid.
Additional content:
Should Investors Buy ExxonMobil & Sell Enterprise Products Now?
In the energy space, Exxon Mobil Corp. and Enterprise Products Partners LP are two giants. Over the past year, XOM has gained a marginal 0.6%, underperforming EPD’s 14% jump. Therefore, is Enterprise Products a better stock?
Notably, price is not the only parameter to underline the attractiveness of any stock, although it reflects investors’ preferences in every business phase. Hence, before coming to investment conclusions, we need to analyze the fundamentals and overall business environment of both stocks.
ExxonMobil’s Broader Business Exposure
ExxonMobil is an integrated energy giant, having exposure to upstream, downstream, chemicals and low-carbon solutions. The energy major’s exploration and production activities span across the Permian, the most prolific resource in the United States, and offshore Guyana. With huge oil and natural gas resources in these two premium regions, ExxonMobil’s production outlook seems bright.
Also, from its downstream and chemicals businesses, XOM produces premium-quality products and lower-emission fuels, thereby adapting to the evolving demand.
Enterprise Products, however, is not an integrated energy company like XOM. EPD primarily focuses on midstream operations, with a pipeline network spanning more than 50,000 miles that transports oil, gas, refined petroleum products, and petrochemicals. Although EPD generates stable fee-based revenues, the partnership is lagging in broader business exposure.
Stronger Balance Sheet of XOM
ExxonMobil has a significantly lower exposure to debt capital, which is reflected in its debt-to-capitalization of 12.6%. Thus, when the business environment turns unfavorable, the integrated energy major can rely on its robust balance sheet to sail through the market uncertainty.
On the contrary, Enterprise Products’ debt-to-capitalization of 52.3% reflects considerably more debt exposure than XOM, although in the midstream space, EPD’s credit rating is the highest. ExxonMobil, by comparison, operates on a much larger scale, with extensive global operations spanning six continents, underscoring its superior financial strength and flexibility.
XOM vs. EPD: Which Is a Better Stock?
XOM is also highly focused on returning capital to shareholders. Notably, for more than four decades, ExxonMobil has been rewarding shareholders with consecutive annual dividend hikes.
On the flip side, EPD’s significant Permian dependence poses a concern. To feed its pipelines and processing plants, Enterprise Products has a considerable reliance on the Permian, the most prolific oil and gas shale play in the United States. On its second-quarter 2025earnings call EPD revealed that most of the core oil-producing regions in the Permian have already been used up, and the exploration and production companies are now increasingly focusing on those areas that are rich in natural gas.
Thus, the composition of commodities that EPD will be transporting in the coming days will probably be weighted more toward natural gas. This will likely create pressure on EPD’s profit margin as natural gas and NGL are less profitable than oil at the wellhead, considering energy density and transport costs.
Thus, considering the overall business environment of both stocks, ExxonMobil seems to be a better player in the energy space with more upside potential, and hence, investors who own the stock can hold onto it. XOM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
On the contrary, with EPD’s overall outlook remaining bleak, it would be a wiser decision to stay away from the overvalued stock, carrying a Zacks Rank #4 (Sell). The overvaluation is reflected in the fact that Enterprise Products trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 10.04X, above XOM’s 7.40X.
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ASML and Papa John's have been highlighted as Zacks Bull and Bear of the Day

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the VanEck Semiconductor ETF (Symbol: SMH) where we have detected an approximate $245.8 million dollar inflow -- that's a 0.7% increase week over week in outstanding units (from 98,241,874 to 98,941,874). Among the largest underlying components of SMH, in trading today Taiwan Semiconductor Manufacturing Co., Ltd. (Symbol: TSM) is up about 0.3%, ASML Holding NV (Symbol: ASML) is up about 1.9%, and Intel Corp (Symbol: INTC) is higher by about 5%. For a complete list of holdings, visit the SMH Holdings page » The chart below shows the one year price performance of SMH, versus its 200 day moving average:
Looking at the chart above, SMH's low point in its 52 week range is $170.11 per share, with $358.68 as the 52 week high point — that compares with a last trade of $358.35. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
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Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
Cheap Tech Stocks
Funds Holding APRQ
SCX YTD Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

VanEck Semiconductor ETF Experiences Big Inflow

How Investing Has Changed in the Last 5 Years

Key Points
Core AI funds hold platform companies building and deploying AI, while spillover funds target semiconductors, data centers, cybersecurity, and power infrastructure.
Expense ratios for thematic AI ETFs range from 0.35% to 0.75%, with passive index funds typically cheaper than actively managed alternatives.
Building exposure beyond core AI requires considering concentration risk in semiconductor funds and rate sensitivity in data center REITs.
Artificial intelligence (AI) creates investment opportunities across multiple layers, from the software platforms to the chips running them and the data centers housing the hardware. Exchange-traded funds (ETFs) offer diversified exposure to these segments without requiring individual stock selection, but the category spans everything from broad AI platform funds to narrow infrastructure plays in nuclear power and quantum computing.
Two approaches dominate AI ETF construction. Core funds hold the companies directly building and deploying AI – cloud providers, software platforms, and chip designers. Spillover funds target the picks-and-shovels businesses enabling AI deployment: semiconductor manufacturers, data center landlords, cybersecurity providers, and power infrastructure. The right mix depends on whether you want concentrated exposure to AI winners or broader participation in the infrastructure buildout.
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Here is a brief overview of the best ETFs covering this powerful theme.
Core AI ETFs
Global X Artificial Intelligence & Technology ETF (NASDAQ: AIQ) tracks the Indxx AI & Big Data index, providing broad global exposure across software, cloud, and mega-cap AI platforms. The passive fund carries a 0.68% expense ratio with approximately $6 billion in assets, offering diversified core exposure without overemphasizing any single AI category.
iShares Future AI & Tech ETF (NYSEMKT: ARTY) delivers similar core AI exposure from BlackRock at a lower 0.47% expense ratio. The passive fund tilts toward established technology names with fundamental screening, providing cost-conscious access to the same opportunity set as the Global X Artificial Intelligence & Technology ETF.
Roundhill Generative AI & Technology ETF (NYSEMKT: CHAT) takes an active management approach with concentrated positions in generative AI names. Launched in May 2023 with a 0.75% expense ratio, it offers options trading and suits investors wanting narrative-driven stock selection over index construction.
Semiconductor infrastructure
iShares Semiconductor ETF (NASDAQ: SOXX) and VanEck Semiconductor ETF (NASDAQ: SMH) both provide liquid exposure to chipmakers and equipment manufacturers. The iShares Semiconductor fund carries a 0.34% expense ratio while VanEck charges 0.35%.
The VanEck Semiconductor ETF concentrates heavily in its top 10 holdings – typically exceeding 70% of assets--with significant weights in Nvidia, TSMC, Broadcom, and ASML. The iShares Semiconductor ETF offers slightly broader diversification. Both are passive index funds capturing the profit engine of AI training and inference cycles.
Cybersecurity exposure
First Trust NASDAQ Cybersecurity ETF (NASDAQ: CIBR) applies rules-based screening to cyber names at a 0.59% expense ratio, while Amplify Cybersecurity ETF (NYSEMKT: HACK) tracks the NASDAQ ISE Cyber Security Select Index at a 0.60% expense ratio. Both are passive funds addressing the structural budget increases for AI-era attack surfaces and automated defense. The holdings overlap significantly but construction differences create modest performance divergence.
Data center infrastructure
Pacer Data & Infrastructure Real Estate ETF (NYSEMKT: SRVR) holds data center REITs and digital infrastructure operators through a rules-based Solactive index. Global X Data Center & Digital Infrastructure ETF (NASDAQ: DTCR) provides more direct data center and interconnect exposure at a 0.50% expense ratio. Both are passive funds targeting the landlord layer--racks, fiber, and powered shells. As REIT-focused funds, these ETFs carry rate sensitivity that can pressure valuations when yields rise even as fundamentals improve.
Nuclear and uranium
VanEck Uranium and Nuclear ETF (NYSEMKT: NLR) diversifies across nuclear operators, equipment manufacturers, and uranium exposure at a 0.56% expense ratio. Sprott Uranium Miners ETF (NYSEMKT: URNM), as the name implies, invests mainly in uranium miners, with a 0.75% expense ratio. Both are passive funds capturing the power infrastructure thesis.
Quantum computing
Defiance Quantum ETF (NASDAQ: QTUM) indexes quantum-adjacent computing and machine learning names at a 0.40% expense ratio. The passive fund captures exposure to companies working on quantum hardware, software, and enabling technologies as the field moves from research labs toward commercial applications. Quantum computing remains highly speculative with long development timelines, but recent advances in error correction and qubit stability suggest the technology may be approaching practical utility for specific AI and optimization problems.
The portfolio construction trade-off
One fund keeps it simple. Choose Global X Artificial Intelligence & Technology ETF for breadth or iShares Future AI & Tech ETF for lower fees. Pick the Roundhill Generative AI & Technology ETF if you prefer active concentration over indexing.
To own the full infrastructure stack supporting advanced compute, add satellites around a core holding: iShares Semiconductor ETF or VanEck Semiconductor ETF for chips, First Trust NASDAQ Cybersecurity ETF or Amplify Cybersecurity ETF for defense, Pacer Data & Infrastructure Real Estate ETF or Global X Data Center & Digital Infrastructure ETF for racks and interconnect, and VanEck Uranium and Nuclear Energy ETF or Sprott Uranium Miners ETF for power. If you want a small speculative sleeve, add Defiance Quantum ETF.
This structure captures AI's buildout across chips, racks, fiber, and kilowatts while the core holds the model builders and platforms.
Should you invest $1,000 in Global X Funds - Global X Artificial Intelligence & Technology ETF right now?
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George Budwell has positions in BlackRock, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends ASML, Nvidia, Taiwan Semiconductor Manufacturing, and iShares Trust-iShares Semiconductor ETF. The Motley Fool recommends BlackRock and Broadcom. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Best ETFs for Artificial Intelligence (AI) Exposure

Key Points
Nvidia has created a wide moat by building a strong ecosystem around its chips.
ASML has a monopoly on the technology used to make advanced chips.
TSMC has become an invaluable parter to advanced chipmakers.
If you're looking for artificial intelligence (AI) stocks to hold for the next decade, you're going to want to find ones with leadership positions and strong moats. Let's look at three stocks that fit that bill.
Nvidia
When looking for market leaders with wide moats, it would be foolish not to start with Nvidia (NASDAQ: NVDA). The company captured an incredible 94% market share in its fiscal second quarter with its graphics processing units (GPUs), which are the primary chips being used to power AI infrastructure.
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Nvidia's moat comes not from having the most powerful chips, but from the ecosystem it has designed around them. This starts with its CUDA software platform, which it created as a way to let developers easily program its chips for tasks outside their original purpose. GPUs were actually developed to help speed up graphics rendering in video games, hence the name, but early on, Nvidia saw they had potential beyond this market.
While other markets were admittedly slow to develop for GPUs, the company smartly seeded CUDA into universities and research labs that were doing early work on AI. This led to most foundational AI code being written on CUDA for its chips, and most developers having been trained on CUDA. This dynamic not only helps its chips' performance, but also makes it extremely difficult to switch.
Nvidia didn't stop there, though. It created a proprietary interconnect system called NVLink that allows its chips to essentially act as a single unit, making them more powerful. Through its acquisition of Mellanox, meanwhile, it added important networking components, which now let it provide end-to-end solutions it calls AI factories. Networking has actually been a huge growth driver for the company, with its data center networking revenue nearly doubling last quarter.
With AI infrastructure spending expected to continue to rise over the next decade, Nvidia remains very well positioned to be a big winner.
ASML
Perhaps no stock has built as wide a moat in the tech space as ASML (NASDAQ: ASML). The company has a true monopoly on extreme ultraviolet lithography (EUV), which is the technology used to make advanced chips. Without EUV, there would be no Nvidia GPUs powering the AI revolution, or even smartphones.
Semiconductor equipment manufacturing can be a lumpy business quarter to quarter because ASML's machines are pricey and it only has a handful of customers for its most advanced machines. However, over the next 10 years, ASML is poised to see strong growth, both from the continued proliferation of advanced chips and the introduction of its newest technology, high numerical aperture (high-NA) EUV.
AI should continue to power chip growth over the next decade, but new applications such as robotaxis, robotics, and quantum computing could also add to this growth during this time. Meanwhile, to shrink node sizes even further, foundries will eventually need to turn to ASML's high-NA EUV platform, which costs nearly double its EUV machines. That makes ASML an intriguing stock to own over the next decade.
Taiwan Semiconductor Manufacturing
Foundry Taiwan Semiconductor Manufacturing (NYSE: TSM) is another company with a wide moat that looks poised to benefit from increasing chip demand. Today, most chipmakers don't actually manufacture their own chips. Not only is it very capital-intensive to build a fab, but it is also very technically challenging to produce advanced chips with high yields at scale.
TSMC's ability to shrink nodes (the amount of transistors that fit on a chip) while maintaining high yields has set it apart in the industry. With rivals struggling with yields, TSMC has become the go-to partner for chipmakers making advanced chips. The keyword is "partner," as companies like Nvidia and Apple rely on TSMC for both their chip roadmaps and to build out their future capacity needs. Its importance in the semiconductor ecosystem should not be underestimated, as it has given it strong pricing power and allowed it to expand its gross margin.
As chip demand continued to grow over the next decade, TSMC is one of the best stocks to own.
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Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML, Apple, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Artificial Intelligence Stocks to Buy and Hold Through 2035

Key Points
Taiwan Semiconductor Manufacturing has a estimated 70% market share among chip foundries.
ASML is the only company making the extreme ultraviolet (EUV) lithography machines that foundries require.
For investors, artificial intelligence (AI) is the gift that keeps giving. Despite worries about the economy -- high interest rates, a sluggish job market, tariffs, high prices, and a government shutdown -- the stock market keeps rolling along, powered by AI stocks that have no intention of slowing down.
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AI infrastructure spending is expected to hit $490 billion next year, and to jump as high as $2.9 trillion through 2029. With that level of spending, it's no wonder why investors are continuing to pile into AI stocks.
But who is going to be the biggest winner in all this spending, as tech companies are scrambling to get a piece of the pie? In my view, it's the two companies with the biggest competitive moats -- Taiwan Semiconductor Manufacturing (NYSE: TSM) and ASML (NASDAQ: ASML).
Taiwan Semiconductor Manufacturing
There's a rush to make high-performing semiconductor chips. Among other uses, semiconductors power data centers that companies are using to manage AI-powered programs and large language models, plus developing new features. Nvidia, Advanced Micro Devices, Amazon, Apple, Qualcomm, Alphabet, and others are making these chips -- but they're all turning to Taiwan Semiconductor, or TSMC, to fabricate them.
"They are a world-class foundry and support customers of diverse needs. You can't overstate the magic that is TSMC," Nvidia CEO Jensen Huang gushed last month.
TSMC owns roughly 70% of the semiconductor foundry market, according to Statista. The company is in demand because it's one of the few that can make 3 nanometer (nm) chips, and it's working on mass producing 2nm chips this year. The smaller the transistor sizes, the more transistors TSMC can squeeze into a chip, making them exponentially more powerful. TSMC gets about 60% of its revenue from 3nm and 5nm chips.
Nvidia is the unquestioned leader in designing high-powered graphics processing units (GPUs) that are essential to top AI functions, but it will be under pressure in coming quarters as other top companies ramp up their own chipmaking efforts.
No matter who comes out on top in that fight, however, TSMC will be the fabricator of choice. That's why it's poised to be a big winner from the AI infrastructure boom.
ASML
Based in the Netherlands, ASML is the only company in the world making extreme ultraviolet (EUV) lithography machines, which are used to make small, advanced circuits on semiconductor chips. They work better than deep ultraviolet (DUV) machines because they reflect light using mirrors, rather than refracting it with lenses. That allows ASML's EUV machines to print smaller and finer -- and gives chipmakers the ability to make more powerful chips.
The company has a massive growth window in front of it. Revenues for 2024 were 28.3 billion euros ($32.85 billion), with gross margins of 51.3%, and management says it expects to have annual revenue between 44 billion euros and 60 billion euros ($51.08 billion to $69.65 billion) by 2030 and gross margins between 56% and 60%. If it achieves those numbers, ASML will have a compound annual growth rate (CAGR) of 13.2% at the top end.
For the third quarter of fiscal 2025, ASML posted revenue of 7.5 billion euros ($8.71 billion). And despite the expected dramatic drop in China net sales in 2026 because of export restrictions imposed by the Dutch government, the company expects to see positive global sales growth next year.
The bottom line
TSMC and ASML stocks are seemingly moving in tandem these days -- both are up 47% on the year, and both have a strong growth story.
AI companies are going to battle for the next several years to gain supremacy and market share as they seek to capitalize on the massive opportunity in artificial intelligence. But no matter which of these companies come out on top, they'll be turning TSMC to build the chips. And TSMC will need ASML's groundbreaking equipment to make that happen.
Both companies are perfectly situated to profit from the explosion in AI infrastructure spending, and that's why I see them as the true winners in the years to come.
Should you invest $1,000 in Taiwan Semiconductor Manufacturing right now?
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The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Taiwan Semiconductor Manufacturing wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $590,357!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,141,748!*
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Patrick Sanders has positions in Nvidia. The Motley Fool has positions in and recommends ASML, Advanced Micro Devices, Alphabet, Amazon, Apple, Nvidia, Qualcomm, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Beyond Chips: AI Infrastructure Spending Is Projected to Hit $490 Billion -- Who Benefits Most?

Key Points
ASML has a near-monopoly on equipment necessary for chip manufacturing.
That privileged position has allowed the Dutch company to earn fat profit margins.
The growth of AI, cloud computing, and other technologies should provide a tailwind.
Shares of semiconductor equipment maker ASML Holding (NASDAQ: ASML) have soared more than 1,100% over the past decade with an average annual gain of 28%. How will ASML perform over the coming five years? I suspect it will soar more.
Why? Semiconductors will remain in high demand. They're necessary to fuel the growth of artificial intelligence (AI), cloud computing, and more -- and ASML has a near-monopoly on the fancy lithography machines used to make them. This equipment etches intricate circuitry onto silicon wafers, and it is the only supplier of advanced extreme ultraviolet systems (EUVs), too.
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The company's financials are impressive. Gross profit margins have been above 50% for the past few years, and net margins -- the portion of every dollar of revenue kept as profit -- have topped 25%. As of the end of June, the net margin was above 30%!
The company is a dividend payer, too. Its recent dividend yield was only 0.73%, but the payout has been growing briskly, with its recent annual total payout of $7.15 per share up from $3.35 in 2021 and $1.39 in 2018.
Also, more than 90% of its lithography systems sold in the past 30 years are still in use. You might assume that's not great, since it means customers don't need to replace them very often.
But we're talking about very expensive systems here, and their long life means customers are locked into service contracts for a long time, delivering dependable revenue. Also, once a customer has spent millions on ASML equipment, it's not going to be easy to switch to another provider, if there were one. This is a competitive advantage.
At recent levels, the stock is fairly valued, roughly speaking, with a forward-looking price-to-earnings (P/E) ratio of 35 vs. a five-year average of 34. Long-term investors might want to take a closer look at ASML Holding. See if you think it will soar over the coming years, too.
Should you invest $1,000 in ASML right now?
Before you buy stock in ASML, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ASML wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $590,357!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,141,748!*
Now, it’s worth noting Stock Advisor’s total average return is 1,033% — a market-crushing outperformance compared to 193% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
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Selena Maranjian has positions in ASML. The Motley Fool has positions in and recommends ASML. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Prediction: ASML Stock Will Soar Over the Next 5 Years. Here's 1 Reason Why.

ASML (NASDAQ: ASML) is known as a leader in the semiconductor industry. The company is the only maker of extreme ultraviolet (EUV) lithography machines are critical to the chipmaking process.
However, that competitive advantage hasn't helped the stock much this year. While peers like Taiwan Semiconductor Manufacturing have soared this year, ASML has gotten left behind in the artificial intelligence (AI) boom. Year to date through Dec. 16, the stock is down 5%, badly underperforming the S&P 500 and the broader chip sector.
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The chart below shows the comparison.
However, a pullback can often set up a buying opportunity. So is ASML a buy today? Let's take a look.
Where ASML stands now
The sell-off in ASML stock is understandable. The company disappointed investors in its third-quarter earnings report as it cut its guidance for 2025. That was due to weak demand in China following an earlier boom due to an order backlog. The company expects China revenue to normalize to about 20% of total revenue in 2025, down from close to 50% in 2024.
ASML's business is highly cyclical as the company makes very expensive machines and it only sells about 100 of them every quarter. That means a downturn or delay in the industry can have significant effects on its results.
In addition to the slowdown in China, the company is also being affected by export restrictions from the U.S. on sending advanced technology to China. It disappointed investors with weak booking results, as it only booked 2.6 billion euros' worth of new orders. That could be a warning about future demand.
Despite those headwinds, the company has returned to year-over-year growth, with revenue up 12% in Q3 to 7.47 billion euros. Earnings per share also moved up from 4.81 to 5.28 euros.
While ASML's core business may be beholden to the cyclical nature of the semiconductor industry, the company's EUV technology gives it a significant advantage. ASML is the world's only maker of EUV lithography machines, the next iteration of the deep ultraviolet (DUV) machines that handle most semiconductor production today.
However, EUV machines allow for the production of the advanced chips that are becoming more popular in the AI era, and that trend should only continue. Furthermore, the company is set to benefit from the boom in new semiconductor foundries, driven by AI, the CHIPS Act, and the need to geographically diversify away from Taiwan.
ASML now expects revenue of 30 billion to 35 billion euros in 2025 and 44 billion to 60 billion euros in 2030. The company continues to see significant opportunity in AI, noting that global semiconductor sales are expected to top $1 trillion by 2030. That implies 9% compound annual growth.
Meanwhile, the company is likely to remain the only maker of EUV machines. It has a technological lead over its competitors, and the research and development and manufacturing would cost billions and could be cost-prohibitive.
Is ASML a buy?
After disappointing investors by cutting its guidance for 2025, ASML seems to have relatively little downside at its current price point.
The stock trades at a price-to-earnings ratio of 39, which isn't cheap, but margins look set to expand next year based on its guidance. The company is forecasting a gross margin of 51% to 53% next year and 56% to 60% by 2030 as EUV machines represent more of its business.
Finally, ASML expects double-digit EUV lithography growth annually through 2030, which should make the stock a winner at the current valuation.
2024 has been a forgettable year for ASML, but the business' competitive advantages look durable. It should benefit from the growth of AI, expansion of foundries, and broader growth in the semiconductor industry. The stock looks like a smart buy at the current valuation.
Should you invest $1,000 in ASML right now?
Before you buy stock in ASML, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ASML wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $800,876!*
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Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ASML Holding N.V. - New York Registry Shares

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