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 appears to be a high-quality but already very richly valued business with strong operational efficiency and a clear tilt toward quality rather than value. The company’s profitability is outstanding: ROE of 52.7%, ROA of 22.1%, ROI of 46.9%, net margin of 30.1%, and operating margin of 35.4% are all significantly above industry medians, and they have remained stable or improved over the years. Revenue, operating income, net income, and EBITDA have shown steady growth over the latest periods, confirming the fundamental strength of the business and its ability to monetize demand. At the same time, debt looks comfortable: debt/equity is 0.09, long-term debt is declining, and both equity and assets are growing, which reduces financial risk. However, liquidity is not ideal: the quick ratio of 0.80 and current ratio of 1.33 are below industry benchmarks, so the short-term safety buffer is moderate rather than abundant. The main constraint on valuation is the extremely high multiples: P/E of 61.9, P/S of 15.3, P/B of 31.5, and P/FCF of 57.8 are all significantly above the industry median, indicating that expectations are already priced in. Even with strong margins and earnings growth, this valuation level leaves little room for further multiple expansion. The dividend yield is very low and is not a meaningful rerating driver for an income-oriented investor. Overall, the fundamentals support a premium to the market, but do not justify aggressive upside in the target price given the current valuation and already elevated expectations base. For an investor, this is more a story of quality and resilience than undervaluation, so the forecast should be reduced slightly while still recognizing the company’s strong operational profile.

ASML-12.26

ASML Holding N.V. - New York Registry Shares

Сильный индекс, значительно вырос. Быки укрепили уверенность в своих позициях.

Strong index, significantly up. Bulls have strengthened their confidence in their positions.

Слабый индекс, незначительно вырос. Рынок на стороне быков.

Weak index, slightly up. The market is on the bulls' side.

Сильный индекс, значительно вырос. Приток средств в лонги увеличился и находится на высоком уровне.

Strong index, significantly up. The inflow of funds into longs has increased and is at a high level.

ASML demonstrates outstanding profitability and growth with low debt, but trades at very high multiples, so the valuation appears overstretched.

In this video, I will cover the sell-off in AI stocks, CoreWeave's issues, Paul Tudor Jones' comments, and ASML's earnings, and explain what I am actually doing in response. Watch the short video to learn more, consider subscribing, and click the special offer link below.
*Stock prices used were from the trading day of Oct. 14, 2026. The video was published on Oct. 14, 2026.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
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Is the AI Trade Cracking? What CoreWeave, Paul Tudor Jones, and ASML Are Telling Us

Key Points
ASML anticipates that the demand for its machines will outpace supply, at least through 2028.
The company is a critical player in the AI infrastructure ecosystem, which explains why it is enjoying solid pricing power and achieving margin gains.
ASML can outperform consensus growth expectations, setting the stock up for more gains over the next couple of years.
The artificial intelligence (AI) hardware ecosystem has been rattled lately by high interest rates, concerns about the viability of heavy spending on AI infrastructure, potential challenges in accessing capital to fund the build-out, and rising competition from China. However, the latest results from arguably the most important company in the AI infrastructure ecosystem suggest that the fears may be overblown.
ASML Holding (NASDAQ:ASML) released its third-quarter results on Oct. 14. It not only delivered record results but also raised its full-year guidance. What's more, management's comments clearly suggest that the strong AI infrastructure spending environment isn't going away any time soon.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Let's take a closer look at ASML's results and check why it is a good idea to buy this semiconductor stock right now.
Image source: The Motley Fool.
ASML's phenomenal growth is sustainable
ASML reported record revenue of 11.7 billion euros for the third quarter of 2026. That's an improvement of 56% from the year-ago period's revenue of 7.5 billion euros. Even better, ASML's gross margin increased to 57.5% last quarter from the prior-year period's reading of 51.6%. This robust jump in ASML's margins isn't surprising, as the company enjoys robust pricing power.
After all, the Dutch company is the only manufacturer of extreme ultraviolet (EUV) lithography machines. These machines are used for printing advanced chips based on small process nodes, which are deployed in AI data centers to run training and inference workloads efficiently. Major foundries, such as TSMC and Intel, along with major memory manufacturers, deploy ASML's machines to produce cutting-edge chips.
The healthy improvement in ASML's margins, owing to its monopolistic position, explains why its earnings per share increased by a whopping 136% year over year to 12.95 euros per share. Importantly, ASML management's comments make it clear that the company can sustain such terrific growth rates.
ASML CEO Christophe Fouquet noted on the latest earnings call that the company's customers don't expect supply to catch up with demand "at least until 2028." Similarly, ASML won't be able to meet customer demand despite its aim to increase supply by 30% in 2027 and 2028.
ASML's position as the only manufacturer of EUV lithography machines means it can continue charging customers a premium, benefiting its bottom line in the future. Not surprisingly, ASML's guidance reflects the same.
The company expects 14.7 billion euros in revenue for the current quarter at the midpoint of its guidance range, implying a 51% increase over the prior-year period. Moreover, ASML expects its gross margin to increase from 52.5% in the same period last year to 57% in the current quarter, indicating that its earnings per share are poised for a big jump once again.
I won't be surprised to see ASML's margins improve further, at least through 2028, due to robust demand for its machines. This could pave the way for a stronger-than-expected increase in the company's earnings per share over the long run, setting ASML stock up for solid gains.
ASML could outperform expectations and deliver solid gains
If you're looking to add a growth stock to your portfolio, ASML looks like an ideal candidate. The stock trades at 29 times forward earnings, which is a premium to the S&P 500 index's forward earnings multiple of 20.
However, that premium can be justified by the fact that ASML's earnings are expected to jump 67% in 2026, according to Yahoo! Finance consensus estimates, well above the 32% earnings jump projected for S&P 500 companies. However, as the chart below shows, ASML's earnings-per-share growth rate is expected to slow over the next couple of years.
The points discussed above suggest that ASML could clock a faster growth rate in 2027 and 2028, exceeding consensus expectations. Assuming its bottom line increases by 45% a year in both years, its earnings per share could reach $97.49 in 2028 (using 2026's projected earnings per share of $46.37 as the base).
If the stock continues to trade at 29 times earnings at that time, its stock price could jump to $2,827. That implies a potential upside of 72% in just over two years, indicating that it isn't too late for investors to buy ASML following its 53% rally in 2026.
We just issued 'double down' alerts on 3 stocks — find out if ASML made our list
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Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $556,694!*
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ASML is the Most Important Company in the AI Ecosystem, and It Just Delivered Record Results. Here’s Where the Stock Will Be in 2028

(RTTNews) - ASML Holding N.V. shares were trading higher in the morning trading in Amsterdam after the Dutch semiconductor equipment maker on Wednesday reported significantly higher profit in its third quarter with strong net sales growth. Further, the firm issued fourth-quarter outlook and lifted fiscal 2026 view.
The company also said it now expects that supply as currently planned for both 2027 and 2028 will not fully meet the demand.
In Amsterdam, the shares were gaining around 2 percent, trading at 1,538.00 euros. In the overnight trading on the Nasdaq, the shares were losing around 0.16 percent, at $1,715.00.
ASML President and Chief Executive Officer Christophe Fouquet said, "Our customers continue to increase their short- and medium-term equipment demand forecasts with us, driven primarily by their views on the size and duration of AI-related investments. In light of their demand visibility, some customers are expressing an interest in placing orders with us for 2029 and even 2030. With such strong visibility and an order book momentum that continues to increase quarter on quarter this year, we now expect that our supply as currently planned for both 2027 and 2028 will not fully meet the demand of our customers."
Fouquet added that the firm is investigating ways to increase capacity for 2028 beyond the 30 percent increase it previously communicated.
Looking ahead for the fourth quarter, ASML expects total net sales between €14.2 billion and €15.2 billion, and a gross margin around 57 percent.
In the prior year, the company had recorded net sales of 9.7 billion euros.
Further, ASML now expects 2026 total net sales to be between 44 billion euros and 45 billion euros, with a gross margin around 56 percent.
The company previously expected total net sales to be between 43 billion euros and 45 billion euros, with a gross margin between 54 percent and 56 percent.
The company further said an interim dividend over 2026 of €1.88 per ordinary share will be made payable on November 4.
In the third quarter, net income surged to 4.960 million euros from last year's 2.125 million euros. Net income per ordinary share was 12.93 euros, up from 5.48 euros a year ago.
Income from operations surged to 5.173 billion euros from prior year's 2.468 billion euros.
Operating margin improved to 44.4 percent from last year's 32.8 percent, and gross margin grew to 57.5 percent from 51.6 percent a year ago.
Total net sales climbed to 11.662 billion euros from prior year's 7.516 billion euros, towards the high end of guidance, reflecting the strong execution of ramp-up.
Both Net system sales and net service and field option sales climbed from last year.
Installed Base Management sales were 3.3 billion euros above outlook, as a result of the continued strong demand for productivity upgrades.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

ASML Q3 Profit Surges, Lifts FY26 Outlook; Warns About Supply Constraints

The S&P 500 Index ($SPX) (SPY) closed down by -0.02% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.35%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.31%. December E-mini S&P futures (ESZ26) fell -0.02%, and December E-mini Nasdaq futures (NQZ26) fell -0.32%.
Stock indexes settled lower on Tuesday, with the Nasdaq 100 falling to a 1.5-week low. Weakness in chipmakers weighed on the broader market Tuesday amid concerns that investment in artificial intelligence may be unsustainable due to safety concerns and signs of funding strain. Also, a selloff in South Korea’s Samsung Electronics and SK Hynix knocked South Korea’s Kospi Index down more than -5% on Tuesday to a 2.5-month low amid concerns over intensifying competition from China, adding additional pressure to chip stocks.
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However, stocks recovered from their worst levels on Tuesday as bond yields fell on dovish Fed comments that bolstered speculation the Fed won’t be forced to raise interest rates aggressively. Fed Governor Christopher Waller said the recent surge in long-term bond yields is helping to curb demand in interest-rate-sensitive sectors, such as housing and automobiles, doing some of the Fed's work to tighten monetary policy. Waller’s comments suggest he favors holding policy steady at the FOMC meeting later this month. Also, New York Fed President John Williams said, "It may be appropriate for one more 25 bp Fed rate hike this year, but I don't think at this time I have any reason to believe that we would need to do more."
Hawkish comments on Tuesday from Chicago Fed President Austan Goolsbee limited the decline in T-note yields when he said inflation tied to the AI boom is "jumping out of its lane" and starting to push up prices in unrelated corners of the economy. The 10-year T-note yield fell -3 bp to 5.21%.
Tuesday’s US economic news was supportive for stocks after Sep existing home sales unexpectedly rose +1.5% m/m to 3.99 million, stronger than expectations of a decline to 3.95 million.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.”
According to data compiled by Bloomberg Intelligence, Q3 S&P 500 profits are expected to climb by +25% from a year earlier, up from a July estimate of 22%. Q3 earnings season begins this week when US money center banks report.
The International Monetary Fund (IMF) raised its 2026 global GDP forecast to 3.1% from 3.0% in July and kept its 2026 global consumer price forecast unchanged from July at 4.7%.
Nov WTI crude oil prices (CLX26) rose slightly on Tuesday amid concerns about Middle East energy-supply disruptions. Saudi Arabia has seen an increase in attacks from Houthi rebels in Yemen in recent days, while Iran has ramped up attacks on shipping in the Strait of Hormuz.
Gains in crude were limited on Tuesday after Saudi Arabia said its Sep crude production rose by +2 million bpd (+40% m/m) to 8.732 million bpd, recovering from a 36-year low in August. Goldman Sachs estimates a $24-a-barrel risk premium in crude oil prices due to the Middle East conflict. However, if Europe releases half the diesel it has announced from reserves, fair value prices could fall by about $11 a barrel.
Markets are discounting a 22% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 closed down -0.55%. China's Shanghai Composite recovered from a 2.5-month low and closed up +0.10%. Japan's Nikkei-225 Stock Average fell to a 1.5-week low and closed down -1.82%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +5.5 ticks on Tuesday. The 10-year T-note yield fell -2.5 bp to 5.213%. Dec T-notes rose to a 1-week high on Tuesday, and the 10-year T-note yield fell to a 1-week low of 5.171%. Lower inflation expectations supported gains in T-notes on Tuesday after the 10-year breakeven inflation rate fell to a 1-week low of 2.336%. Dovish Fed comments also supported T-note prices on Tuesday when Fed Governor Christopher Waller said the recent surge in long-term bond yields is doing some of the Fed’s work to tighten monetary policy, suggesting he favors holding policy steady at the FOMC meeting later this month. Also, New York Fed President John Williams said that after the Fed hikes rates one more time this year, he believes the Fed’s rate-hike cycle is done.
T-note gains were limited Tuesday after Chicago Fed President Austan Goolsbee said inflation remains too high. Also, Tuesday’s report showing Sep existing home sales unexpectedly increased weighed on T-notes.
European government bond yields were mixed on Tuesday. The 10-year German bund yield fell to a 1-week low of 3.426% and finished down -0.8 bp to 3.469%. The 10-year UK gilt yield rose +0.7 bp to 5.447%.
Markets are discounting a 12% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks retreated for a second session on Tuesday, weighing on the overall market. Applied Materials (AMAT) closed down more than -6% to lead losers in the S&P 500 and Nasdaq 100 after failing to give a detailed outlook at an investor day conference. Also, Micron Technology (MU) and KLA Corp (KLAC) closed down more than -3%, and Lam Research (LRCX) closed down more than -2%. In addition, ASML Holding NV (ASML) and Western Digital (WDC) closed down more than -1%.
Pharmaceutical stocks sold off on Tuesday. Vertex Pharmaceuticals (VRTX) closed down more than -4%, and Merck & Co (MRK), Ionis Pharmaceuticals (IONS), Jazz Pharmaceuticals Plc (JAZZ), and Untragenyx Pharmaceutical (RARE) closed down more than -2%. Also, Gilead Sciences (GILD), Amgen (AMGN), Eli Lilly (LLY), Alnylam Pharmaceuticals (ALNY), and Regeneron Pharmaceuticals (REGN) closed down more than -1%.
Energy producers and service providers rallied on Tuesday as WTI crude prices rose. Valero Energy (VLO) closed up more than +4%, and Marathon Petroleum (MPC) and Phillips 66 (PSX) closed up more than +3%. Also, APA Corp (APA), ConocoPhillips (COP), and Devon Energy (DVN) closed up more than +2%, and Chevron (CVX), Diamondback Energy (FANG), and ExxonMobil Holdings (XOM) closed up more than +1%.
Telecom operators moved higher on Tuesday. Charter Communications (CHTR) closed up more than +4%, and T-Mobile US (TMUS), Comcast (CMCSA), Verizon Communications (VZ), and AT&T (T) closed up more than +1%.
Syndax Pharmaceuticals (SNDX) closed down more than -16% after saying its MAXPIRe Phase 2 trial of its axatilimab to treat idiopathic pulmonary fibrosis failed to meet its primary endpoint.
AST SpaceMobile (ASTS) closed down more than -8% after Piper Sandler downgraded the stock to neutral from overweight.
SentinelOne (S) closed down more than -6% after announcing that it intends to offer $1.25 billion in convertible senior notes due in 2031 via private placement.
Johnson & Johnson (JNJ) closed down more than -5% to lead losers in the Dow Jones Industrials after forecasting full-year sales of $101.00 billion to $101.40 billion, the midpoint below the consensus of $101.24 billion.
Domino’s Pizza (DPZ) closed down more than -5% after reporting Q3 total domestic store comparable sales growth of +0.30%, below the consensus of +0.72%.
Meta Platforms (META) closed up more than +2% to lead gainers in the Nasdaq 100, adding to Monday’s +3% gain, after releasing a new artificial intelligence model called Muse Wonder, which the company claims has “frontier capabilities.”
Ollie’s Bargain Outlet Holdings (OLLI) closed up more than +2% after its Board of Directors approved a $500 million stock buyback plan.
Amer Sports (AS) closed up more than +2% after Jefferies initiated coverage on the stock with a buy recommendation and a price target of $42.
Earnings Reports (10/14/2026)
Bank of America Corp (BAC), Blackrock Inc (BLK), Fastenal Co (FAST), Morgan Stanley (MS), Progressive Corp/The (PGR), State Street Corp (STT).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Finish Lower Ahead of Wednesday’s CPI Report

Key Points
ASML's lithography process is vital to the manufacturing of advanced processors used in AI.
It is already working on the next generation of EUV equipment.
There's a good reason why ASML Holding (NASDAQ:ASML) is one of the most important companies in the semiconductor industry. And investors are about to get another look at just how valuable its technology has become.
The Dutch company will report third-quarter earnings on Oct. 14, and expectations are already running high. Analysts anticipate a big increase in revenue and earnings compared to a year ago, driven in part by demand for the advanced chips that power artificial intelligence (AI).
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
I like ASML because it has a competitive advantage that even the biggest names in the semiconductor industry can't easily duplicate. That could make Wednesday's earnings report especially interesting.
Image source: Image source: The Motley Fool.
A competitive advantage that's hard to beat
ASML doesn't manufacture semiconductors. Instead, it makes the equipment that companies like Taiwan Semiconductor Manufacturing, Intel, and Samsung use to produce them.
Its specialty is lithography, a process that uses light to print microscopic patterns onto silicon wafers. Those patterns form the transistors and connections that make semiconductor chips work. ASML is the world's only commercial manufacturer of extreme ultraviolet (EUV) lithography machines, which are needed to produce many of today's most advanced chips.
Chipmakers like Nvidia and Advanced Micro Devices are spending billions developing increasingly powerful processors. And they turn to foundries like Taiwan Semiconductor, Intel, and Samsung to make those chips. But each of those foundries depends on ASML's EUV equipment.
ASML is already working on the next generation of EUV equipment. Intel has used its High-NA EUV technology to process more than 1 million wafers across development, testing, and manufacturing, including selected layers of its Panther Lake processors. Samsung plans to introduce the technology into advanced DRAM memory production by 2028.
So, ASML isn't just benefiting from today's semiconductor demand. Its equipment is also being incorporated into the manufacturing plans for tomorrow's chips.
Wall Street is expecting big numbers
ASML reported second-quarter revenue of 9.3 billion euros ($10.39 billion), compared to 7.7 billion euros a year earlier. Net income increased to 2.9 billion euros from 2.3 billion euros.
But management expects an even stronger third quarter. The company issued guidance for revenue between 11 billion and 12 billion euros, with a gross margin between 55% and 57%. It also raised its full-year revenue outlook to between 43 billion and 45 billion euros.
Wall Street is looking for third-quarter revenue of 11.73 billion euros, a 55% increase from a year ago. Earnings are expected to reach 10.76 euros per share, compared to 5.49 euros in the third quarter of 2025.
Those are substantial increases. But investors should also pay attention to what management says about orders and manufacturing capacity. ASML says its customers are accelerating their expansion plans, and the company plans to increase production capacity for its existing EUV systems by about 30% in 2027.
Could ASML stock move higher?
ASML is already having a big year, with the stock up 66% in 2026. But the company still has some room for more growth. Nvidia and other chip designers are racing to produce increasingly powerful AI processors. Taiwan Semiconductor, Intel, and Samsung are investing in the facilities needed to manufacture them.
ASML supplies technology that those manufacturers can't simply purchase from another vendor.
I'm expecting ASML to show another strong quarter. But if the company's guidance indicates that the AI build-out is still going gangbusters, then ASML stock could have a very good day when the company reports earnings on Oct. 14.
Don’t miss this second chance at a potentially lucrative opportunity
Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $596,081!*
Apple: if you invested $1,000 when we doubled down in 2008, you’d have $64,217!*
Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $379,123!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon.
*Stock Advisor returns as of October 12, 2026.
Patrick Sanders has positions in Nvidia. The Motley Fool has positions in and recommends ASML, Advanced Micro Devices, Intel, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.

ASML Holding's Next Earnings Report on Oct. 14 Could Send the Stock Soaring. Here's Why.

Key Points
ASML has a virtual monopoly on extreme ultraviolet (EUV) lithography systems for chip manufacturing.
EUV machines are accounting for a larger share of ASML’s sales.
ASML and Taiwan Semiconductor are partnering to make the most advanced EUV systems even more efficient.
Even near an all-time high, Nvidia (NASDAQ: NVDA) remains one of the best artificial intelligence (AI) growth stocks. It's evolved from a chip company that primarily made graphics processing units (GPUs) for data centers into an AI infrastructure linchpin. Its rack-scale solution goes far beyond GPUs to capture a larger share of the data center market.
Hyperscalers continue to turn to Nvidia to address their compute needs. On its second-quarter 2026 earnings call, Space Exploration Technologies (NASDAQ: SPCX) noted that Nvidia's Vera Rubin architecture is so advanced that it warrants SpaceX building exclusively on Nvidia.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
SpaceX is working with financial institutions to raise $40 billion to fund its AI build-out. And Nvidia is making compute demands more affordable for AI start-ups, labs, and enterprises by partnering with a consortium of six financial institutions to build $500 billion in AI infrastructure.
Vera Rubin and financing options for compute pave the way for Nvidia's growth runway. But ASML (NASDAQ: ASML) could be an even better AI stock for investors to buy in October. Here's why.
The first stop along the AI value chain
ASML sits upstream along the AI value chain. It makes deep-ultraviolet (DUV) and extreme-ultraviolet (EUV) lithography machines for chip manufacturing. Lithography is arguably the most important step, and although other companies compete with ASML on DUV, no company in the world comes close to EUV, especially with its advanced high numerical aperture (High-NA) EUV machines.
EUV machines will be increasingly needed to manufacture advanced AI logic and memory chips at scale. AI models and applications are driving demand for AI compute supporting the build-out of AI data centers, which are outfitted with GPUs, central processing units, memory chips, and associated networking infrastructure. These are manufactured by AI fabs like those operated by Taiwan Semiconductor Manufacturing (NYSE: TSM), Samsung Electronics, and Intel (NASDAQ: INTC), which buy ASML machines.
In this vein, semiconductor equipment manufacturers like ASML, KLA, Applied Materials, and Lam Research are among the simplest ways to bet on increased demand for AI chip manufacturing. But ASML is the best buy of the group because its innovation is outpacing the industry.
High-NA is a game changer for ASML
The reason EUV systems are vital for AI chip manufacturing is that they produce wavelengths over 14 times shorter than DUV. Shorter wavelengths produce smaller features on microchip layers in a single pass. Denser features per layer allow manufacturers to fit more transitions or a single chip, thereby boosting performance. High-NA EUV takes that precision a step further by using even shorter wavelengths of 8 nanometer (nm) versus 13.5 nm for Low-NA EUV and 193 nm for DUV.
In the second quarter of fiscal 2026, ASML reported 3.8 billion euros in EUV system sales compared to 2.8 billion euros in non-EUV system sales. All but one of those EUV system sales were Low-NA EUV. The High-NA unit that was sold went to Intel, which is now using High-NA for its most advanced products.
Investors need to understand that High-NA EUV adoption is still in the early stages. It took ASML a decade of research and development to crack the code on High-NA EUVs, with the first unit shipped to Intel in December 2023.
It's only been 13 months since SK Hynix (NASDAQ: SKHY) assembled the first High-NA EUV system for commercial chip production. The High-NA EUV system will help SK Hynix manufacture next-generation dynamic random access memory (DRAM) memory chips at scale in South Korea.
However, one challenge with High-NA is that its exposure field is half the size of Low-NA EUV's. It takes twice as many exposures to pattern a single wafer because High-NA optics are magnified much more than Low-NA optics. It's kind of like how high-resolution cameras use lenses to magnify a portion of an image but would need to stitch together different zoomed-in fragments on a single field for an ultra-precise picture.
ASML's solution is to operate High-NA at double the speed of Low-NA's wafer stage and quadruple the speed of Low-NA's reticle stage -- allowing passes to be completed much faster. But the full potential of High-NA is still effectively being held back.
But not for long. On Sept. 8, ASML and Taiwan Semiconductor announced a collaboration to transition from 6-inch photomasks to 12-inch photomasks to increase manufacturing efficiency and lower costs. By expanding the exposure field, 12-inch masks would allow complex chips to be printed in a single pass rather than stitched together -- thereby addressing the greatest drawback of High-NA compared to Low-NA.
ASML and Taiwan Semiconductor hope to establish a 12-inch mask pilot line by 2031, supporting advanced-node manufacturing by 2033. The transition to 12-inch masks unlocks the full efficiency benefits of High-NA and will give AI chip fabs even more incentive to install High-NA systems.
Thinking seven years ahead
ASML is the best AI growth stock to buy in October because it is just beginning to reap the rewards of over a decade of research and development on High-NA. And switching to 12-inch photomasks allows High-NA to address the manufacturing demands of next-generation AI chips.
ASML already has a virtual monopoly on EUV, but staying ahead of the adoption curve ensures that it keeps its lead over the competition. This is precisely the kind of moat that long-term investors look for when building a growth stock investment thesis.
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Daniel Foelber has positions in ASML and Nvidia. The Motley Fool has positions in and recommends ASML, Applied Materials, Intel, KLA, Lam Research, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
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Meet the Only AI Stock I'd Buy Over Nvidia in October

Key Points
The U.S. remains the global leader in technology.
Many of the top semiconductor companies in the U.S. design chips, while other markets dominate manufacturing.
The Vanguard Total World Stock ETF offers more diversification with a marginally higher fee than the Vanguard S&P 500 ETF.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) is the largest exchange-traded fund (ETF) in the world -- having surpassed $1 trillion in net assets earlier this year. With just a 0.03% expense ratio, or $3 for every $10,000 invested, it provides a low-cost way to invest in the S&P 500 (SNPINDEX: ^GSPC).
An S&P 500 index fund is a simple, hands-off way to own a basket of companies that can perform well over the long term. The strategy has been effective historically -- producing annualized total returns of 9% to 10%. And even Warren Buffett has put some of Berkshire Hathaway's capital to work in the Vanguard S&P 500 ETF in the past.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
However, like any index, the S&P 500 has qualities that may not appeal to some investors, such as its focus on U.S. large-cap stocks and its slow pace in adding recently public companies, regardless of their value.
Here's why the Vanguard Total World Stock ETF (NYSEMKT: VT) may be a better buy for some investors than the Vanguard S&P 500 ETF.
SpaceX likely won't join the S&P 500 until June 2027
On June 4, S&P Dow Jones Indices rejected a proposal to fast-track the inclusion of megacap companies in the S&P 500 -- which applies to companies like Space Exploration Technologies (NASDAQ: SPCX), and likely Anthropic and OpenAI when they go public. So even if a company accumulates significant value in private markets, it must still be traded on an eligible exchange, such as Nasdaq or the New York Stock Exchange, for at least 12 months before being considered for inclusion in the S&P 500.
The ruling means that the earliest SpaceX can be added to the S&P 500 (and funds that track the index like the Vanguard S&P 500 ETF) is June 2027. Anthropic is expected to go public in November. And OpenAI's initial public offering isn't expected until early next year, meaning it won't be included in the S&P 500 until early 2028.
The Vanguard Total World Stock ETF isn't benchmarked to the S&P 500. So it began buying SpaceX in June -- albeit gradually. As of Aug. 31, the ETF holds 453,258 shares of SpaceX, making it the 261st largest holding. However, the ETF will likely add to its SpaceX holdings as more shares become available for trading on Nasdaq, according to SpaceX's unlocking schedule.
The Vanguard Total World Stock ETF has 10,088 holdings
The Vanguard Total World Stock ETF has over 10,000 holdings, with 65.1% of the fund in North American companies simply because of how large the U.S. stock market is.
However, demand for artificial intelligence (AI) chips has led to a surge in valuations for many technology stocks that aren't U.S. companies. Taiwan Semiconductor Manufacturing (NYSE: TSM) is now the fund's sixth-largest holding with a market cap of $2.35 trillion at the time of this writing. Samsung Electronics (OTC: SSNLF) is 13th, and SK Hynix (NASDAQ: SKHY) is 16th -- both with market caps over $1.2 trillion. And ASML (NASDAQ: ASML) is 18th with a $686 billion market cap. All four semiconductor companies play critical roles in the AI value chain -- especially in chip manufacturing and memory chip design.
Taiwan Semiconductor is a pure-play semiconductor foundry that manufactures chips for customers like Nvidia, Advanced Micro Devices, Broadcom, Apple, and Qualcomm.
Samsung Electronics and SK Hynix design and manufacture their own chips and hold a dominant share of the memory chip market alongside Micron Technology, a U.S. company.
ASML is a Dutch company that makes lithography systems that are used to print intricate designs onto microchips. Taiwan Semiconductor, Samsung Electronics, SK Hynix, and Intel rely on these specialized machines to produce next-generation AI logic and memory chips.
Ultimate diversification for a mere 0.06% expense ratio
Investors looking for exposure to the world's leading companies rather than just U.S. large-cap stocks may want to put their hard-earned savings to work in the Vanguard Total World Stock ETF over the Vanguard S&P 500 ETF. The World ETF includes a blend of industry-leading non-U.S. stocks. And because of the added diversification, it is less concentrated than the S&P 500 ETF.
The Vanguard S&P 500 ETF has 30% of its weighting in just five stocks -- Nvidia, Apple, Alphabet, Microsoft, and Amazon. Whereas the Vanguard Total World Stock ETF has the identical five largest holdings, but has a lower weighting in each of those holdings. In fact, it has just 28.4% invested in its 20 largest holdings, which include Taiwan Semiconductor, Samsung Electronics, SK Hynix, and ASML.
And to top it all off, the Vanguard Total World Stock ETF has a 0.06% expense ratio, or just $6 for every $10,000 invested -- ensuring investors' long-term gains aren't stymied by a steep fee structure.
Should you buy stock in Vanguard International Equity Index Funds - Vanguard Total World Stock ETF right now?
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Daniel Foelber has positions in ASML, Broadcom, and Nvidia. The Motley Fool has positions in and recommends ASML, Advanced Micro Devices, Alphabet, Amazon, Apple, Berkshire Hathaway, Broadcom, Intel, Micron Technology, Microsoft, Nvidia, Qualcomm, Taiwan Semiconductor Manufacturing, and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.

VOO Doesn't Hold SpaceX, Taiwan Semiconductor, Samsung Electronics, SK Hynix, or ASML. Meet the Vanguard ETF That Does.

The S&P 500 Index ($SPX) (SPY) closed down by -0.17% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.21%. December E-mini S&P futures (ESZ26) fell -0.15%, and December E-mini Nasdaq futures (NQZ26) rose +0.21%.
Stock indexes settled mixed on Tuesday. The broader market was under pressure Tuesday as soaring bond yields pushed the 10-year T-note yield to a new 19-year high of 5.29%. Weaker-than-expected US economic news also weighed on stocks after Aug JOLTS job openings fell to a 5-month low, and Sep consumer confidence tumbled to a 12-year low.
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However, stock losses were limited after a -3% plunge in WTI crude oil prices eased inflation risks and knocked bond yields from their highs. Strength in chipmakers on Tuesday also helped the overall market. In addition, dovish comments from New York Fed President Williams on Tuesday reduced the chance of a Fed rate hike next month to 52% from 70% when he said the Fed needs only one more rate hike to contain inflation.
The July S&P composite-20 home price index rose +0.3% m/m and +2.47% y/y, stronger than expectations of +0.2% m/m and +2.20% y/y, with the +2.47% y/y gain the largest year-on-year increase in 14 months.
US Aug JOLTS job openings fell -256,000 to a 5-month low of 7.079 million, weaker than expectations of 7.228 million.
The Conference Board US Sep consumer confidence index fell -6.7 to a 12-year low of 81.9, weaker than expectations of 89.0.
New York Fed President John Williams said, "If the economy evolves in a manner broadly consistent with my forecast, one further upward adjustment of the federal funds target range may be appropriate late this year to support a timelier return of inflation to target."
Nov WTI crude oil prices (CLX26) dropped more than -3% on Tuesday as signs of larger oil exports from Saudi Arabia are bearish for prices. Tracking data compiled by Bloomberg show Saudi Arabia's crude exports stood at 5.28 million bpd in September, the highest in seven months. Saudi Arabia also said it restored about 3.5 million bpd of the East-West Pipeline's 7 million bpd capacity on Monday after repairs restored the link damaged by drone strikes earlier this month.
Markets are discounting a 52% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 rose to a 2.5-week high and closed up +0.30%. China's Shanghai Composite closed up +0.18%. Japan's Nikkei-225 Stock Average closed down -0.60%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down -2 ticks on Tuesday. The 10-year T-note yield rose +1.9 bp to 5.255%. Dec T-notes sank to a 19-year nearest-futures low on Tuesday, and the 10-year T-note yield climbed to a 19-year high of 5.291%. Supply pressures weighed on T-notes Tuesday after Paramount Skydance announced it was offering $32 billion of corporate debt in eight tranches, prompting bond dealers to short T-notes to hedge against the incoming supply.
Losses in T-notes were limited on Tuesday amid weaker-than-expected US economic news on Aug JOLTS job openings and Sep consumer confidence. T-notes recovered most of their losses on Tuesday after WTI crude oil prices fell more than 3%, easing inflation expectations. Also, dovish comments from New York Fed President John Williams supported T-notes when he said he sees only one more Fed rate hike needed to contain inflation.
European government bond yields moved lower on Tuesday. The 10-year German bund yield fell -1.7 bp to 3.626%. The 10-year UK gilt yield fell -1.2 bp to 5.410%.
The Eurozone Sep economic confidence indicator unexpectedly fell -0.5 to 97.9, weaker than expectations of an increase to 99.0.
Spain Sep CPI (EU harmonized) rose +5.0% y/y, stronger than expectations of +4.9% y/y and the largest increase in 3.5 years. Sep core CPI rose +3.1% y/y, stronger than expectations of +3.0% y/y.
Markets are discounting a 32% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks moved higher on Tuesday, a supportive factor for the broader market. The iShares Semiconductor ETF (SOXX)climbed to a 2.5-month high and closed up more than +1%. Applied Materials (AMAT) closed up more than +5%, and Marvell Technology (MRVL) closed up more than +4%. Also, ARM Holdings Plc (ARM), KLA Corp (KLAC), and ASML Holding NV (ASML) closed up more than +3%. In addition, Lam Research (LRCX) closed up more than +2%, and Microchip Technology (MCHP), Micron Technology (MU), Broadcom (AVGO), and Texas Instruments (TXN) closed up more than +1%.
Cruise stocks rallied sharply on Tuesday, led by a +13% jump in Carnival (CCL) to lead gainers in the S&P 500 after boosting its full-year adjusted EPS estimate to $2.24 from a previous estimate of $2.22. Also, Royal Caribbean Cruises (RCL) closed up more than +7%, and Norwegian Cruise Line Holdings (NCLH) closed up more than +3%.
Fair Isaac (FICO) closed down more than -26% to lead credit reporting agencies lower and losers in the S&P 500 after FHA director Pulte announced a move that makes it easier for lenders to adopt VantageScore, a move that will increase competition that could pressure credit companies’ market share and pricing power. Also, Equifax (EFX) closed down more than -3%, and TransUnion (TRU) closed down more than -2%.
US steel makers fell on Tuesday after President Trump announced plans for a $15 billion Mesabi Metallics steel plant in Iowa that could produce 10 million tons of steel by 2030. Steel Dynamics (STLD), Nucor Corp (NUE), and Commercial Metals (CMC) closed down more than -3%, and Cleveland Cliffs (CLF) closed down more than -1%.
Summit Therapeutics (SMMT) closed up more than +6% after AstraZeneca said it would make a $2 billion strategic equity investment in the company to jointly develop drugs.
CarMax (KMX) closed up more than +4% after reporting Q2 net sales and operating revenue of $7.88 billion, well above the consensus of $7.05 billion.
FuelCell Energy (FCEL) closed up more than +4% after Oppenheimer & Co initiated coverage on the stock with a recommendation of outperform and a price target of $24.
Oracle (ORCL) closed up more than +3% after Axios reported that OpenAI’s annual recurring revenue is nearing $70 billion. OpenAI signed a deal with Oracle last year to support the development of five US data centers.
UniQure NV (QURE) closed down more than -37% after saying the benefits of its Huntington’s disease gene therapy drug AMT-130 were not as good after four years as they were after three years in a small trial, a result that could complicate its bid to get the treatment approved by regulators.
Apple (AAPL) closed down more than -2% to lead losers in the Dow Jones Industrials and Nasdaq 100 after Bank of America said Apple faces risks as the company’s Siri AI lacks the features that Meta Platform’s Muse AI agent has.
Earnings Reports (9/30/2026)
Cal-Maine Foods Inc (CALM), Conagra Brands Inc (CAG), FactSet Research Systems Inc (FDS), Jabil Inc (JBL), Micron Technology Inc (MU), Progress Software Corp (PRGS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Settle Mixed as Bond Yields Rise

The S&P 500 Index ($SPX) (SPY) is up by +0.03% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.01%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.10%. December E-mini S&P futures (ESZ26) are up +0.05%, and December E-mini Nasdaq futures (NQZ26) are up +0.09%.
Stock indexes are moving higher today. Stocks are supported today as lower crude prices have stabilized bond yields. Crude prices are under pressure today on signs that a steady flow of crude oil is coming out of the Persian Gulf through the Strait of Hormuz, easing supply concerns and inflation risks. The 10-year T-note yield is little changed today at 5.23% after soaring to a 19-year high of 5.27% on Monday.
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Today’s US economic news showed the July S&P composite-20 home price index rose +0.3% m/m and +2.47% y/y, stronger than expectations of +0.2% m/m and +2.20% y/y, with the +2.47% y/y gain the largest year-on-year increase in 14 months.
Nov WTI crude oil prices (CLX26) are down more than -1% today as signs of larger oil exports from Saudi Arabia are bearish for prices. Tracking data compiled by Bloomberg show Saudi Arabia's crude exports stood at 5.28 million bpd in September, the highest in seven months. Saudi Arabia also said it restored about 3.5 million bpd of the East-West Pipeline's 7 million bpd capacity on Monday after repairs restored the link damaged by drone strikes earlier this month. Crude losses are limited as hopes remain dim for an imminent breakthrough to end the war in Iran.
Markets are discounting a 70% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 rose to a 2.5-week high and is up +0.78%. China's Shanghai Composite closed up +0.18%. Japan's Nikkei-225 Stock Average closed down -0.60%.
Interest Rates
December 10-year T-notes (ZNZ6) are up +2 ticks today. The 10-year T-note yield is down -0.7 bp to 5.229%. T-note prices are moving higher today as a -1% decline in WTI crude oil prices is easing inflation expectations. T-notes also have support as some month-end buying occurs, as bond fund managers purchase T-notes ahead of month-end portfolio rebalancing on Wednesday. T-notes fell back from their best level after the July S&P composite-20 home price index rose more than expected.
European government bond yields are moving lower today. The 10-year German bund yield is down -4.8 bp to 3.595%. The 10-year UK gilt yield is down -5.5 bp to 5.367%.
The Eurozone Sep economic confidence indicator unexpectedly fell -0.5 to 97.9, weaker than expectations of an increase to 99.0.
Spain Sep CPI (EU harmonized) rose +5.0% y/y, stronger than expectations of +4.9% y/y and the largest increase in 3.5 years. Sep core CPI rose +3.1% y/y, stronger than expectations of +3.0% y/y.
Markets are discounting a 27% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are moving higher today, supporting gains in the broader market. The iShares Semiconductor ETF (SOXX) is up more than +1%. Applied Materials (AMAT) is up more than +4% to lead gainers in the Nasdaq 100, and KLA Corp (KLAC), Lam Research (LRCX), and Marvell Technology (MRVL) are up more than +3%. Also, ARM Holdings Plc (ARM), Broadcom (AVGO), and Microchip Technology (MCHP) are up more than +2%, and ASML Holding NV (ASML), Analog Devices (ADI), and Texas Instruments (TXN) are up more than +1%.
Cruise stocks are climbing today, led by a +11% jump in Carnival (CCL) to lead gainers in the S&P 500 after boosting its full-year adjusted EPS estimate to $2.24 from a previous estimate of $2.22. Also, Royal Caribbean Cruises (RCL) is up more than +5%, and Norwegian Cruise Line Holdings (NCLH) is up more than +4%.
Software stocks are under pressure for a second day today, limiting gains in the overall market. Datadog (DDOG) and Cadence Design Systems (CDNS) are down more than -3%. Also, Atlassian Corp (TEAM) is down more than -2%, and ServiceNow (NOW), Autodesk (ADSK), Microsoft (MSFT), and Workday (WDAY) are down more than -1%.
Fair Isaac (FICO) is down more than -20% to lead credit reporting agencies lower after FHA director Pulte announced a move that makes it easier for lenders to adopt VantageScore, a move that will increase competition that could pressure credit companies’ market share and pricing power. Equifax (EFX) and TransUnion (TRU) are also down more than -4%.
Summit Therapeutics (SMMT) is up more than +9% after AstraZeneca said it would make a $2 billion strategic equity investment in the company to jointly develop drugs.
CarMax (KMX) is up more than +7% after reporting Q2 net sales and operating revenue of $7.88 billion, well above the consensus of $7.05 billion.
FuelCell Energy (FCEL) is up more than +7% after Oppenheimer & Co initiated coverage on the stock with a recommendation of outperform and a price target of $24.
UniQure NV (QURE) is down more than -36% after saying the benefits of its Huntington’s disease gene therapy drug AMT-130 were not as good after four years as they were after three years in a small trial, a result that could complicate its bid to get the treatment approved by regulators.
Earnings Reports (9/29/2026)
AAR Corp (AIR), CarMax Inc (KMX), Carnival Corp Ltd (CCL), Concentrix Corp (CNXC), Critical Metals Corp (CRML), Uranium Energy Corp (UEC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Rebound as Crude Prices Fall and Bond Yields Stabilize

Key Points
ASML is the only company that makes extreme ultraviolet (EUV) lithography machines, which chipmakers need to produce leading-edge semiconductors.
Qualcomm is expanding beyond smartphones into automotive, IoT, and AI chips, but a few large phone makers still account for a big share of its revenue.
Qualcomm trades at far lower multiples of sales and earnings, while ASML's premium reflects its unique position in lithography.
Choosing between ASML Holding (NASDAQ:ASML) and Qualcomm (NASDAQ:QCOM) in 2026 means weighing a hardware monopoly against a mobile chip leader that's working to diversify.
ASML provides the complex lithography tools the world's leading chipmakers use to etch tiny circuits onto silicon. Qualcomm, meanwhile, designs the processors and modems that power smartphones and vehicles worldwide. Both show up on lists of the best semiconductor stocks to own, but they occupy very different corners of the chip supply chain.
The case for ASML Holding
ASML manufactures lithography systems, which are massive machines that use light to print patterns on silicon wafers. It is currently the only company in the world capable of producing extreme ultraviolet (EUV) machines. These tools are indispensable for manufacturing the smallest, fastest chips found in smartphones and data centers. The company serves major chipmakers like Intel, TSMC, and Samsung, providing hardware, software, and ongoing maintenance.
ASML reports its results in euros, and the figures here are converted to U.S. dollars. In fiscal 2025, revenue reached nearly $37.5 billion, up approximately 15.6% from the previous year. This performance led to net income of roughly $11.0 billion for the same period. The company maintained a strong net margin of approximately 29.4%, which measures how much of each dollar in sales turns into profit. This growth reflects the global push for higher computing power and the expansion of advanced chip manufacturing capacity.
As of its December 2025 balance sheet, the debt-to-equity ratio was roughly 0.2x. This ratio measures total debt against shareholder equity, with a lower number typically suggesting a lighter debt load relative to what owners have invested. The current ratio, which compares short-term assets to short-term liabilities, was roughly 1.3x. Free cash flow for the fiscal year reached nearly $12.2 billion, representing the cash remaining after the business pays for its operations and capital investments.
The case for Qualcomm
Qualcomm develops the wireless technologies and processors that power phones and other connected devices. Beyond its handset business, it's expanding into automotive and Internet of Things (IoT) segments. Major customers include Apple (NASDAQ:AAPL), Samsung, and Xiaomi (OTC:XIACF), each accounting for 10% or more of revenue in fiscal 2025. This level of customer concentration adds risk to the business, particularly as some clients look to design their own components.
In fiscal 2025, which ended in September 2025, revenue reached about $44.3 billion, up nearly 13.7% from the prior year. Net income for the period was roughly $5.5 billion, for a net margin of about 12.5%. While revenue has grown from roughly $35.8 billion in fiscal 2023, net income fell from the $10.1 billion reported in fiscal 2024. The decline came from a one-time, non-cash tax charge of $5.7 billion that Qualcomm recorded after U.S. tax legislation passed in July 2025, a charge larger than the entire drop in net income.
As of its September 2025 balance sheet, the debt-to-equity ratio stood at approximately 0.7x. The current ratio was roughly 2.8x, indicating a strong ability to cover short-term obligations with liquid assets like cash and accounts receivable. Free cash flow for the fiscal year was nearly $12.8 billion, which gives the company plenty of room to fund research and development.
Risk profile comparison
ASML faces unique geopolitical risks because it is a critical bottleneck in the global chip supply chain. Export restrictions can limit its ability to sell advanced equipment to certain regions, potentially affecting future growth. The company also relies on the capital spending cycles of a few large chipmakers, such as Intel, TSMC, and Samsung. If these customers delay their factory upgrades, the company's order book can swing significantly.
Qualcomm deals with heavy revenue concentration among a small group of device manufacturers like Apple. These partners could vertically integrate, replacing Qualcomm's modems with internal designs. The company faces competition from rivals like Broadcom (NASDAQ:AVGO) and Nvidia (NASDAQ:NVDA). Its business in China also exposes it to trade tensions and evolving export controls that could disrupt sales to manufacturers like Xiaomi.
Valuation comparison
Qualcomm appears significantly cheaper on both earnings and sales multiples, while ASML trades at a premium reflecting its unique position in lithography.
Forward P/E
28.9x
19.7x
P/S ratio
17.3x
4.8x
Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
ASML looks like the better buy to me, but I'd be a cautious buyer. The stock has run hard over the past year, and I'd want to see whether chipmakers pull back on AI spending before adding a full position.
Qualcomm's lower valuation makes more sense once you look at its latest results. Revenue for the first nine months of fiscal 2026 slipped slightly from a year earlier, and operating income fell by roughly a quarter. The company leans on a handful of phone makers and expects Apple to increasingly use its own modems. Automotive, IoT, and AI chips give Qualcomm options, but those markets still have to show they can reduce its dependence on phones.
ASML's position is much harder to copy. It's the only company that makes EUV machines, and it turns nearly a third of every sale into profit. Its order backlog at the end of 2025 was larger than a full year of revenue, and in July management raised its 2026 sales outlook to a range that implies growth of more than 30%. That's why the shares cost more on every multiple in the table above, and why a sharp pullback in chipmakers' spending would hit the stock hard.
For a long-term investor with a diversified portfolio, paying up for a monopoly tied to AI chip demand looks like a better bet than buying a cheaper stock that still has to prove it can grow. I'd add to the position gradually rather than all at once.
Don’t miss this second chance at a potentially lucrative opportunity
Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $585,136!*
Apple: if you invested $1,000 when we doubled down in 2008, you’d have $65,062!*
Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $383,680!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon.
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Mike Schwenk has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML, Apple, Broadcom, Intel, Nvidia, Qualcomm, Taiwan Semiconductor Manufacturing, and Xiaomi. The Motley Fool has a disclosure policy.

ASML Holding N.V. - New York Registry Shares

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