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 remains one of the highest-quality businesses in the semiconductor value chain, but the current valuation is already very demanding in terms of future growth. At the same time, a P/E of 51.84, P/S of 15.30, P/B of 28.92, and P/FCF of 57.82 are noticeably above the industry median, indicating a significant quality premium and limiting the potential for re-rating. The company’s key strength is its exceptional profitability: ROE of 52.72, ROA of 22.10, ROI of 46.89, operating margin of 35.43%, and net margin of 30.14% are all at very high levels and have remained consistently strong over the years. The gross margin of 52.76% has changed very little and is only slightly above the industry median, meaning that most of the value is created not at the gross profit level, but through scale and operating leverage. Revenue, EBITDA, operating income, and net income have increased compared with earlier periods, confirming the business’s resilience and demand for its products. The balance sheet looks comfortable: debt/equity of 0.09 and long-term debt of $2.31 billion are low, while equity is growing, reducing financial risks. However, liquidity is not ideal: a quick ratio of 0.80 and a current ratio of 1.33 are below industry benchmarks, so the short-term buffer is moderate. The dividend yield of 0.14% is very low and has declined over the year, so the dividend factor provides almost no support to the valuation. The cash position of $8.82 billion remains strong, but it is noticeably below the peak level reached at the end of 2025, suggesting more cautious liquidity management. Overall, the company’s fundamentals are excellent, but they are already largely reflected in the price, and the multiples look stretched relative to the sector. For an investor, this means that while a high-quality business deserves a premium, the current market price leaves little room for an aggressive upward revision of fair value. Therefore, the base forecast should be moderately reduced, while still recognizing ASML’s strong long-term profile.

ASML Holding N.V. - New York Registry Shares

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

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

Слабый индекс, незначительно упал. Рынок на стороне быков.

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

Сильный индекс, значительно упал. Отток средств из лонгов резко увеличился и находится на высоком уровне.

Strong index, significantly down. The outflow of funds from longs has increased sharply and is at a high level.

ASML demonstrates outstanding profitability and low debt, but trades at a very high premium to the industry, and its dividend and liquidity do not offset this valuation.

Key Points
ASML has a monopoly on the technology that powers the AI boom.
Taiwan Semiconductor has created a virtual monopoly in advanced chipmaking.
Nvidia has a wide moat in providing the chips for AI model training.
As chief executive officer of Berkshire Hathaway, Warren Buffett often expressed his love for businesses with wide moats and durable competitive advantages. This is evident in Berkshire's top holdings and can lead to strong pricing power and consistent earnings growth.
Let's look at three artificial intelligence (AI) infrastructure stocks with the widest moats that could get Buffett's stamp of approval.
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 »
ASML (NASDAQ: ASML) has a monopoly on the technology that makes the entire AI boom possible. A moat doesn't get any wider than that.
It is the only company in the world that can make extreme ultraviolet lithography (EUV) machines. In fact, competitors stopped trying to develop their own EUV machines years ago, and only now is China trying to catch up.
These machines use light waves to print the crucial circuitry onto chips and are needed to make advanced logic chips like graphics processing units (GPUs). They are also used to make high-bandwidth memory.
As such, demand for these machines is through the roof. The company is also one of the few that make deep ultraviolet (DUV) lithography machines, which handle the less intricate layers in the chipmaking process.
ASML has also developed a newer technology that will eventually be used to advance chip technology even further, called high NA (numerical aperture) EUV, so it's already well ahead of the curve to push its durable, competitive advantage well into the future.
Taiwan Semiconductor Manufacturing
Given the up-front costs and complexity of manufacturing advanced logic chips, most semiconductor companies today rely on third-party foundries to make them. Taiwan Semiconductor Manufacturing (NYSE: TSM) has become the leader in this field through its expertise and scale. As the only foundry that has proved it can consistently produce advanced chips at high yields (few defects) at scale, the company has become a virtual monopoly in the advanced chip manufacturing sector.
As a result, it has become a crucial partner to chipmakers, working in lockstep to help them with their technology road maps. And it has given TSMC (as the company is also known) strong pricing power and great visibility into its business, as it works to expand capacity. And it doesn't matter which chip technology wins out or takes market share, since TSMC manufactures them all.
As a vital cog in the semiconductor value chain, it has established a wide moat with a durable competitive advantage that rivals have been unable to match.
The king of AI infrastructure, Nvidia (NASDAQ: NVDA), is the dominant player in providing the chips used to train AI models. It established a wide moat in this area through its CUDA software platform.
After developing this software, it smartly seeded CUDA into research centers that were doing early work on AI, which led to nearly all foundational AI code being written on its software and optimized for its GPUs. It then extended its moat through networking with its proprietary NVLink system, which essentially lets its chips act as one powerful unit.
Nvidia's GPUs continue to be the main chips used to train AI models, but it has since become a complete AI infrastructure company. With the development of its Vera central processing units and its acquisition of Groq and its language processing units, the company now offers complete server racks built specifically for various AI tasks, including training, inference, and agentic AI. That should be its next big growth driver.
Nvidia continues to see hypergrowth despite its size, and its moat among AI chipmakers remains wide, despite starting to see some increased competition. It remains one of the best AI stocks to own.
Should you buy stock 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 $409,917!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,341,724!*
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*Stock Advisor returns as of September 12, 2026.
Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML, Berkshire Hathaway, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.

Warren Buffett Loves Wide Moats: 3 AI Infrastructure Stocks That Fit the Bill

The S&P 500 Index ($SPX) (SPY) closed down -0.58% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.60%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.08%. E-mini S&P futures (ESU26) fell -0.61%, and September E-mini Nasdaq futures (NQU26) fell -1.07%.
Stock indexes settled lower on Thursday, with the S&P 500 and Dow Jones Industrials dropping to 5-week lows. Soaring energy prices pushed global bond yields sharply higher on Thursday, weighing on stocks. WTI crude oil surged more than +6% on Thursday to a 3.5-month high amid fears that the US-Iran war will persist, increasing inflation risks and prompting the world’s central banks to keep raising interest rates. The 10-year UK Gilt yield jumped to a 19-year high today of 5.38%, the 10-year German Bund yield surged to a 17-year high of 3.51%, and the 10-year T-note yield rose to a 2.75-year high of 4.96%.
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Stocks added to their losses on Thursday, and T-note yields climbed further after US Aug PPI rose more than expected, signaling persistent price pressures, and after weekly jobless claims remained low, signaling labor market strength.
US weekly initial unemployment claims fell -1,000 to 206,000, close to expectations of 205,000 and signaling a stable labor market.
US Aug PPI final demand rose +5.4% y/y, stronger than expectations of +5.3% y/y. Aug PPI ex-food and energy rose +4.6% y/y, right on expectations.
US Aug existing home sales fell -2.0% m/m to a 14-month low of 3.98 million, right on expectations.
The escalating trade war between the US and Canada is also weighing on market sentiment. On Tuesday, Canada imposed tariffs of 15% to 50% on hundreds of US goods in retaliation for the US action last month to impose 50% tariffs on $20 billion of imports from Canada. The US responded by moving to block imports of some Canadian products and slapping new tariffs on others, as well as seeking to bar Canadian companies from selling to US government contractors.
Oct WTI crude oil prices (CLV26) surged more than +6% on Thursday to a 3.5-month high. Crude prices are climbing after Iran said that it is ready for a more intense war and will escalate counterstrikes if the US continues attacking its territory and infrastructure. The prospect of a lengthy conflict that limits crude supplies from the Middle East is underpinning crude oil prices. Crude oil prices added to their gains on Thursday after Saudi Arabia told OPEC that its crude production in August fell to 6.238 million bpd, the lowest since 1990.
The markets are discounting a 75% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 dropped to a 6-week low and closed down -0.67%. China's Shanghai Composite closed down -0.43%. Japan's Nikkei-225 Stock Average closed up +0.20%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -23 ticks. The 10-year T-note yield rose +10.7 bp to 4.948%. T-notes tumbled to a 2.75-year nearest futures low on Thursday, and the 10-year T-note yield rose to a 2.75-year high of 4.963%. T-notes sold off as crude oil prices surged, which boosted inflation expectations. WTI crude oil rose more than +6% on Thursday to a 3.5-month high, lifting the 10-year breakeven inflation rate to a 3.25-month high of 2.419%.
On the positive side for T-notes was the decline in US Aug existing home sales to a 14-month low. T-notes also found support on strong demand for the Treasury’s $22 billion auction of 30-year T-bonds that had a bid-to-cover ratio of 2.61, well above the 10-auction average of 2.40.
European government bond yields moved sharply higher on Thursday. The 10-year German bund yield jumped to a 17-year high of 3.508% and finished up +5.7 bp to 3.501%. The 10-year UK gilt yield soared to a 19-year high of 5.376% and finished up +11.2 bp to 5.374%.
The ECB, as expected, raised the deposit facility rate by 25 bp to 2.50% and said inflation will stay above 2% for an "extended period."
The ECB raised its 2026 Eurozone GDP forecast to +0.9% from a prior forecast of +0.8%, and kept its 2026 inflation ex-food and energy forecast unchanged at 2.5%.
Markets are discounting a 97% 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 on Thursday, pressuring the broader market. CoreWeave (CRWV), Intel (INTC), and Lam Research (LRCX) closed down more than -5%, and Micron Technology (MU) and Western Digital (WDC) closed down more than -4%. Also, ARM Holdings (ARM), SanDisk (SNDK), Advanced Micro Devices (AMD), KLA Corp (KLAC), Marvell Technology (MRVL), and Applied Materials (AMAT) closed down more than -3%, and Nvidia(NVDA), ASML Holding NV (ASML), and Seagate Technology Holdings Plc (STX) closed down more than -2%.
Copper-producing stocks are falling today, with copper prices down more than -4% after Reuters reported that the White House has not yet made a decision on refined copper tariffs as it weighs concerns of higher prices raising manufacturing costs against the potential benefits of encouraging more domestic mining. Southern Copper (SCCO) closed down more than -7%, and Freeport-McMoRan (FCX) closed down more than -6%. Also, Rio Tinto Plc (RIO) closed down more than -4%, and Newmont Corp (NEM) closed down more than -2%.
Home builders and suppliers moved lower on Thursday after the 10-year T-note yield jumped to a 2.75-year high, pushing up mortgage rates and weighing on housing demand. Lennar (LEN), KB Home (KBH), and Builders Firstsource (BLDR) closed down more than -3%. Also, DR Horton (DHI) and Pulte Group (PHM) closed down more than -2%, and Toll Brothers (TOL) and Home Depot (HD) closed down more than -1%.
Cooper Cos (COO) closed down more than -14% to lead losers in the S&P 500 after reporting Q3 net sales of $1.07 billion, below the consensus of $1.10 billion, and cutting its full-year revenue forecast to $4.23 billion to $4.25 billion from a previous forecast of $4.29 billion to $4.32 billion, weaker than the consensus of $4.31 billion.
American Eagle Outfitters (AEO) closed down more than -13% after reporting Q2 comparable sales rose +6.00%, weaker than the consensus of +6.47%.
FactSet Research Systems (FDS) closed down more than -5% after OpenAI said it’s releasing ChatGPT for Financial Services, a new tool for investment bankers and equity researchers.
AeroVironment (AVAV) closed up more than +4% after reporting Q1 revenue of $480.5 million, stronger than the consensus of $455.8 million.
Apple (AAPL) closed up more than +3% to lead gainers in the Dow Jones Industrials after analysts were generally positive about the company’s new iPhone Duo, its first foldable phone.
Earnings Reports (9/11/2026)
Kroger Co/The (KR) and Rent the Runway Inc (RENT).
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.
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Stocks Settle Lower as Surging Crude Prices Boost Fed Rate Hike Chances

ASML Holding N.V. ASML is advancing next-generation semiconductor manufacturing through a collaboration with Taiwan Semiconductor Manufacturing Company Limited TSM to support the future development of High Numerical Aperture Extreme Ultraviolet (NA EUV) technology. The initiative aims to improve manufacturing efficiency and help the semiconductor industry fully use the capabilities of this advanced technology.
The partnership plans to establish a 12-inch photomask pilot line by 2031, supporting the broader lithography ecosystem's readiness for advanced-node production by 2033. The transition from existing 6-inch masks to larger 12-inch masks is expected to enhance the value of ASML’s High NA EUV technology by improving fab productivity, lowering chipmaking costs and removing stitching constraints for increasingly complex semiconductor designs.
ASML’s advanced semiconductor manufacturing systems are expected to play an important role as chip designs become more complex, particularly to support artificial intelligence (AI) applications. High-NA EUV adopters and other major suppliers have expressed interest in joining the initiative, supporting the development of a broader ecosystem around the platform.
The transition to larger-format photomasks could extend the technological and economic advantages of ASML’s lithography tools and reinforce the company’s role in developing technologies for future high-performance computing and AI processors.
How Are Competitors Faring?
ASML faces competition from Advanced Energy Industries, Inc. AEIS and Applied Materials, Inc. AMAT. Advanced Energy Industries is growing in the semiconductor market through its advanced power and control technologies. The company is benefiting from growing demand for semiconductor equipment and AI-related data-center infrastructure. Advanced Energy Industries is expanding its manufacturing capacity and ramping new products to support continued growth across its key markets.
Applied Materials is strengthening its semiconductor equipment portfolio to support the production of increasingly advanced chips. The company is investing in technologies such as advanced packaging, deposition and materials engineering to address growing demand for AI and high-performance computing. Applied Materials continues to reinforce its position in the semiconductor manufacturing industry through innovative products and collaborations.
ASML’s Price Performance, Valuation & Estimates
ASML shares have skyrocketed 122.5% over the past year compared with the industry’s growth of 120.8%.
From a valuation standpoint, ASML trades at a forward price-to-sales ratio of 11.85, above the industry tally of 10.99.
Earnings estimates for 2026 have increased 22.9% to $44.99 over the past 60 days, while the same for 2027 have risen 20% to $59.36.
Image Source: Zacks Investment Research
ASML currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Can ASML's Tie-Up With TSM to Advance High NA EUV Drive Growth?

Key Points
TSMC's production capacity is unmatched by its competitors.
ASML's semiconductor-making equipment has no comparison.
In the chip world, there's really only one monopoly: ASML Holding (NASDAQ: ASML). ASML makes a machine that no one else in the world has the technology to make, and it's vital to the production process of every advanced chip manufacturer, including Taiwan Semiconductor Manufacturing (NYSE: TSM).
While Taiwan Semiconductor isn't considered a monopoly, it's the only company in the world with the foundry capacity to produce the chips needed to power the AI build-out, which gives it a pseudo-monopoly due to its size, position, and influence in the industry.
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 »
These two are some of the most powerful companies on Earth, and they're available to invest in. They've already delivered a great return to investors, but which one can deliver moving forward? Let's find out.
Taiwan Semiconductor is reducing its investment risk
ASML's extreme ultraviolet (EUV) lithography machines are incredible. They cost hundreds of millions of dollars and, fully assembled, are about the size of a bus. As a result, ASML doesn't make a ton of these machines each quarter, which can make results lumpy. But when you have a technological monopoly on a machine that makes one of the most important products in the world, the company can nearly charge whatever it wants.
Right now, business is booming for ASML because the chipmakers are ramping up production capacity to meet demand caused by AI chips. However, if excess chip-building capacity is built out for the AI arms race, it could harm ASML's business five to 10 years from now if chip demand has fallen compared to the peak.
Taiwan Semiconductor may seem like a no-brainer investment, but many investors are worried about Taiwan's relationship with mainland China. There have been rumors of military action to bring Taiwan back under the control of China for years, although nothing has happened yet. An attack could send shares tumbling, but considering how many of the world's chips come from the tiny island, it would also plunge the markets into turmoil.
However, Taiwan Semiconductor is reducing the risk of this single point of failure by increasing production capacity elsewhere. TSMC announced an additional $100 billion investment in Arizona during its Q2 conference call, bringing its total to around $265 billion.
There will always be strong demand for various products, even if the peak of AI chip demand is unmatched. As a result, I think the longevity of AI business gains favors Taiwan Semiconductor, but that's not all there is to consider.
ASML is an expensive stock
Both stocks have performed well in 2026, with TSMC rising around 35% and ASML up nearly 60%. However, that has caused ASML's valuation to swell, while Taiwan Semiconductor's remains more moderate.
At nearly 25 times forward earnings, Taiwan Semiconductor is reasonably priced, whereas ASML looks pretty expensive at nearly 40 times forward earnings. Normally, companies with higher valuations are associated with faster growth rates, but that's not always the case. Taiwan Semiconductor has grown faster than ASML in nearly every quarter, and that likely won't change.
This means that most of the premium which investors pay for ASML stock is due to its technological monopoly, which isn't necessarily wrong; it's just expensive.
Instead, I think I'd rather own Taiwan Semiconductor, which has created a large moat around its business by having far greater production capacity than anyone else. With TSMC diversifying its production footprint beyond Taiwan, the risk associated with the stock is also declining. As a result, I think it's the better stock to buy now.
Should you buy stock in Taiwan Semiconductor Manufacturing right now?
Before you buy stock in Taiwan Semiconductor Manufacturing, 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 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 $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,413,876!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
Keithen Drury has positions in Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends ASML and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.

ASML vs. Taiwan Semiconductor: Which Semiconductor Monopoly Is the Safer Investment?

Key Points
ASML specializes in the lithography systems that "print" circuits onto chips.
Its technology is a go-to for many types of chipmakers around the world.
Friday was a fine day to hold the stock of ASML Holding (NASDAQ: ASML), the Netherlands-based company that specializes in photolithography (essentially, printing circuits onto a microprocessor). A highly bullish analysis of a top name in the chip sector sparked a sympathy rally in related stocks, pushing ASML's equity up by over 4%.
Supplier to the stars
That analysis was published by the research firm Lynx Equity Strategies. The firm's K.C. Rajkumar waxed bullish on two high-profile memory chipmakers, Micron Technology and Sandisk. Lynx continues to rate them as clear buys with anticipated upside of 33% and 49%, respectively.
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 »
This comes after an intense period of volatility in the two stocks, during which their prices swung more on emotion and hype than on fundamentals. Since then, those prices have come down, and the prospects for both remain solid as the world scales up with more computing power driven by the proliferation of artificial intelligence (AI).
And if Micron, Sandisk, and other chipmakers are ramping up to meet this elevated demand, ASML is sure to benefit. The lithography systems it sells are indispensable for many clients, and that will only be exacerbated by the Great Build-Out.
Still underrated
ASML didn't come close to the nearly 12% pop of Sandisk stock after investors disseminated the Lynx report. Its gain was also under Micron's 6% rise.
This, however, makes the company's stock that much more attractive, as it's a somewhat under-the-radar play on current trends. It's feeling like an ideal pick-and-shovel investment on the AI revolution these days, and a solid candidate for inclusion in any stock portfolio.
Should you buy stock 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 $445,833!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,402,153!*
Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 4, 2026.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML and Micron Technology. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Why ASML Holding Stock Bumped 4% Higher Today

The S&P 500 Index ($SPX) (SPY) closed up by +0.46% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.23%. E-mini S&P futures (ESU26) rose +0.46%, and September E-mini Nasdaq futures (NQU26) rose +0.23%.
Stocks settled higher on Wednesday as T-note yields stabilized. The 10-year T-note yield finished little changed at 4.79% on Wednesday after a weaker-than-expected Aug ADP employment report eased Fed rate hike expectations slightly, boosting stocks. Stock gains accelerated on dovish comments from New York Fed President Williams, who said inflation is continuing to trend down.
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Wednesday’s US economic news was mixed for stocks after July factory orders rose more than expected, but the Aug ADP employment change rose less than expected.
Stock index futures initially moved lower in overnight trade as US-Iran hostilities pushed crude oil prices to a 6-week high and the 10-year T-note yield up to a 2.75-year high of 4.82%.
The global bond sell-off generally continued on Wednesday, pushing bond yields to multi-year highs and undercutting stocks. The UK 10-year gilt yield surged to a 19-year high of 5.29%, the German 10-year bund yield jumped to a 15-year high of 3.39%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.04%, and the 10-year T-note yield rose to a 2.75-year high of 4.82%.
US MBA mortgage applications rose +0.8% in the week ended August 28, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -1.1%. The average 30-year fixed-rate mortgage rose +1 bp to 6.79% from 6.78% in the prior week.
The US Aug ADP employment change rose by +38,000, showing a slightly weaker labor market than expectations of +47,000.
US July factory orders rose +0.9% m/m, stronger than expectations of +0.7% m/m. Also, July factory orders ex-transportation rose +0.6% m/m, stronger than expectations of +0.4% m/m.
New York Fed President John Williams said, "The data recently has been encouraging. I am actually seeing the trend in inflation moving slowly down as some of the effects of the tariffs move into the rearview mirror."
The Fed Beige Book was positive for stocks as it stated that economic activity in the Fed's 12 districts in the period through August 24 "increased modestly," with prices accelerating moderately in most districts. Also, “healthy labor demand was seen most frequently in manufacturing, construction and some service sectors, while retail and hospitality sectors saw falling labor demand."
Oct WTI crude oil prices (CLV26) climbed to a fresh 6-week high on Wednesday as fighting intensified between the US and Iran. The US carried out a second round of strikes in three days overnight, targeting radar systems and mine-laying capabilities along Iran's southern coast. Iran retaliated with drone and missile attacks on US bases across the Middle East. Also, Axios reported that the US attacked two Iranian tankers anchored off Iran’s north coast under a new “tanker for tanker” policy approved by President Trump to further deter Iranian attacks on tankers that move through the Strait of Hormuz. Gains in crude were limited as supply concerns abated slightly after US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 489 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 60% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 dropped to a 1-month low and closed down -0.11%. China's Shanghai Composite closed down -0.97%. Japan's Nikkei-225 Stock Average fell to a 4-week low and closed down -2.85%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +1 tick on Wednesday. The 10-year T-note yield fell -0.4 bp to 4.794%. T-notes recovered from a 1.75-year nearest-futures low today and turned higher, and the 10-year T-note yield fell from a 2.75-year high of 4.816% and moved lower. Short covering emerged and pushed T-notes higher after the Aug ADP employment change rose less than expected, and after New York Fed President Williams said inflation is continuing to trend down. Gains in T-notes were limited after WTI crude oil climbed to a 6-week high, which boosted inflation expectations and is hawkish for Fed policy.
European government bond yields moved higher on Wednesday. The 10-year German bund yield climbed to a 15-year high of 3.395% and finished up +3.2 bp to 3.376%. The 10-year UK gilt yield jumped to a 19-year high of 5.289% and finished up +1.0 bp to 5.230%.
ECB Governing Council member and Bundesbank President Joachim Nagel warned that "inflation isn't close to our medium-term target" and said, "markets are pricing in a probability of more than 95% that we'll raise interest rates at our September meeting, and I'd say that the markets have a rather good understanding of how we're likely to respond at this stage."
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Strength in chipmakers on Wednesday supported the broader market. Nvidia (NVDA) closed up more than +3% to lead gainers in the Dow Jones Industrials. Also, NXP Semiconductors (NXPI), Micron Technology (MU), and Qualcomm (QCOM) closed up more than +2%. In addition, Intel (INTC), Microchip Technology (MCHP), and ASML Holding NV (ASML) closed up more than 1%.
Airlines and cruise line operators moved higher on Wednesday after crude oil prices stabilized. United Airlines Holdings (UAL) closed up more than +3%, and Alaska Air Group (ALK), Delta Air Lines (DAL), Southwest Airlines (LUV), and Carnival (CCL) closed up more than +2%. Also, American Airlines Group (AAL) and Norwegian Cruise Line Holdings (NCLH) closed up more than +1%.
Palo Alto Networks (PANW) closed down more than -9% to lead cybersecurity stocks lower and losers in the S&P 500 and Nasdaq 100 after reporting Q4 subscription and support revenue of $2.67 billion, below the consensus of $2.68 billion. Also, CrowdStrike Holdings (CRWD) closed down more than -5%, and Cloudflare (NET), SentinelOne (S), and Fortinet (FTNT) closed down more than -4%. In addition, Zscaler (ZS) closed down more than -3% and Okta (OKTA) closed down more than -2%.
Dell Technologies (DELL) closed up more than +15% to lead gainers in the S&P 500 after reporting Q2 total net revenue of $46.97 billion, well above the consensus of $44,78 billion, and raising its 2027 revenue forecast to $192 billion from a previous forecast of $165 billion to $169 billion, stronger than the consensus of $173.76 billion.
Gitlab (GTLB) closed up more than +9% after boosting its 2027 revenue forecast to $1.13 billion from a previous forecast of $1.11 billion to $1.12 billion, better than the consensus of $1.12 billion.
SiriusXM (SIRI) closed up more than +7% after Deutsche Bank upgraded the stock to buy from hold with a price target of $45.
Brown-Forman (BF.B) closed up more than +3% after reporting a Q1 gross margin of 60.2%, better than the consensus of 58.6%.
Credo Technology (CRDO) closed down more than -20% despite reporting better-than-expected Q EPS as the company failed to exceed its Q1 adjusted gross margin estimate of 68%.
MongoDB (MDB) closed down more than -13% despite reporting better-than-expected Q2 EPS as revenue growth in the company’s Atlas product didn’t accelerate in Q2 versus Q1.
G-III Apparel Group Ltd (GIII) closed down more than -11% after reporting Q2 net sales of $554.1 million, weaker than the consensus of $570.3 million, and forecasting Q3 net sales of about $870 million, below the consensus of $899 million.
Edison International (EIX) closed down more than -6%, and PG&E (PCG) closed down more than -5% after analysts said it is unlikely that California legislators will hold a special session to pass a wildfire liability bill favorable to utilities.
Earnings Reports (9/3/2026)
Campbell's Company/The (CPB), Ciena Corp (CIEN), DocuSign Inc (DOCU), Guidewire Software Inc (GWRE), Lululemon Athletica Inc (LULU), Planet Labs PBC (PL), Samsara Inc (IOT), Toro Co/The (TTC), UiPath Inc (PATH), Zscaler Inc (ZS).
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.
More news from Barchart

Stocks Settle Higher as Bond Yields Stabilize

The S&P 500 Index ($SPX) (SPY) closed down by -0.71% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.79%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -1.29%. E-mini S&P futures (ESU26) fell -0.71%, and September E-mini Nasdaq futures (NQU26) fell -1.25%.
Stock indices retreated on Tuesday, with the S&P 500 falling to a 4-week low, the Dow Jones Industrials sliding to a 1-month low, and the Nasdaq 100 posting a 1-week low. Stocks fell as surging oil prices boosted inflation expectations and bond yields and ramped up expectations that global central banks will keep raising interest rates. Investors are demanding higher yields to hold bonds as concerns intensify over persistent inflation, government spending, and surging corporate borrowing to finance the AI buildout. The higher bond yields sparked a retreat in chipmakers and AI-infrastructure stocks on Tuesday.
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Tuesday’s global bond sell-off pushed bond yields to multi-year highs and undercut stocks. The UK 10-year Gilt yield soared to an 18-year high of 5.25%, the German 10-year Bund yield jumped to a 15-year high of 3.36%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.00%, and the 10-year T-note yield rose to a 1.75-year high of 4.80%.
Stocks maintained their losses on Tuesday amid weaker-than-expected US economic news, including Aug ISM manufacturing, July construction spending, and July JOLTS job openings.
The US Aug ISM manufacturing index fell -1.0 to 54.6, weaker than expectations of 55.2. The Aug ISM prices paid sub-index was unchanged at 71.1, stronger than expectations of a decline to 70.8.
US July construction spending fell by -0.5% m/m, weaker than expectations of no change.
The US July JOLTS job openings unexpectedly rose +89,000 to 7.271 million from a downward-revised 7.182 million in June, weaker than expectations of 7.313 million.
Hawkish comments on Tuesday from Fed Governor Michael Barr were bearish for stocks and bonds when he said, "If inflation appears not to be moderating sufficiently, then I think we should act decisively to raise interest rates."
Oct WTI crude oil prices (CLV26) surged more than +5% on Tuesday to a 6-week high as Middle East hostilities escalated. Late Monday, two oil supertankers were struck by projectiles while attempting to exit the Strait of Hormuz. Also on Monday, the US struck Iranian rocket launchers preparing to send mines into the Strait of Hormuz, and Iran retaliated by firing missiles and drones at US air bases in Jordan, while the United Arab Emirates said it intercepted drones from Iran.
Crude prices raced to their highs Tuesday afternoon when the US launched a fresh wave of strikes against targets in Iran in retaliation for Iran trying to put mines in the Strait of Hormuz and for earlier strikes on a US military base in Jordan. Iran said it retaliated with a “decisive operation” against US bases in the Middle East.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 487 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 69% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled lower on Tuesday. The Euro Stoxx 50 fell to a 1-month low and closed down -0.80%. China's Shanghai Composite fell from a 7-week high and closed down -0.16%. Japan's Nikkei-225 Stock Average closed down -0.15%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -9 ticks on Tuesday. The 10-year T-note yield rose +4.2 bp to 4.792%. T-notes dropped to a 1.75-year nearest-futures low on Tuesday, and the 10-year T-note yield rose to a 1.75-year high of 4.798%. T-notes were under pressure from Tuesday’s +5% surge in WTI crude oil prices to a 6-week high, which boosted inflation expectations and is hawkish for Fed policy. The 10-year breakeven inflation rate rose to a 1.5-week high of 2.360% on Tuesday. T-notes are also being pressured by negative carryover from last Friday, when hawkish comments from Fed Chair Warsh pushed the chances of a Fed rate hike at next month’s FOMC meeting up to 69% on Tuesday from 36% before he spoke.
Losses in T-notes were limited on Tuesday amid weaker-than-expected US economic news on Aug ISM manufacturing, July construction spending, and July JOLTS job openings that sparked some short covering in T-notes.
European government bond yields moved higher on Tuesday. The 10-year German bund yield rose to a 15-year high of 3.364% and finished up +2.0 bp to 3.344%. The 10-year UK gilt yield surged to an 18-year high of 5.250% and finished up +15.7 bp to 5.220%.
The Eurozone Aug CPI rose +3.3% y/y, in line with expectations and the largest increase in nearly 3 years. Aug core CPI rose +2.4% y/y, weaker than expectations of +2.5% y/y.
The Eurozone July unemployment rate was unchanged at 6.4%, showing a slightly weaker labor market than expectations of 6.3%.
The Eurozone Aug S&P manufacturing PMI was revised downward by -0.1 to 52.7 from the previously reported 52.8.
German July retail sales unexpectedly fell by -3.4% m/m, weaker than expectations of +0.5% m/m and the biggest decline in 5 years.
ECB Governing Council member Martin Kocher said, "Upside risks to inflation have increased again recently. If this picture is confirmed in the ECB's new forecast, I believe another interest rate hike will be necessary in the near future."
The UK Aug S&P manufacturing PMI was revised upward by +0.2 to 51.7 from the previously reported 51.5.
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks retreated on Tuesday amid the surge in bond yields. Lam Research (LRCX), Applied Materials (AMAT), KLA Corp (KLAC), ARM Holdings Plc (ARM), and Texas Instruments (TXN) closed down more than -3%. Also, Advanced Micro Devices (AMD), Microchip Technology (MCHP), ASML Holding NV (ASML), Micron Technology (MU), Analog Devices (ADI), and Qualcomm (QCOM) closed down more than -2%.
Cybersecurity stocks sold off on Tuesday, weighing on the broader market. CrowdStrike Holdings (CRWD) closed down more than -7%, and Cloudflare (NET) and SentinelOne (S) closed down more than -6%. Also, Palo Alto Networks (PANW), Fortinet (FTNT), and Zscaler (ZS) closed down more than -5%, and Okta (OKTA) closed down more than +4%.
Cryptocurrency stocks moved lower on Tuesday after Bitcoin (^BTCUSD) fell more than -2%. Circle Internet Group (CRCL), Strategy (MSTR), Riot Platforms (RIOT), and Coinbase Global (COIN) closed down more than -6%. Also, MARA Holdings (MARA) and Galaxy Digital Holdings (GLXY) closed down more than -4%.
Mining stocks fell on Tuesday as gold, silver, and copper prices slumped. Freeport-McMoRan (FCX) closed down more than -4%, and Hecla Mining (HL), Anglogold Ashanti (AU), Barrick Mining (B), and Southern Copper (SCCO) closed down more than -3%. Also, Coeur Mining (CDE) and Newmont Corp (NEM) closed down more than -2%.
Home builders and home supplies fell on Tuesday after the 10-year T-note yield rose to a 1.75-year high, raising mortgage rates and weighing on housing demand. Builders Firstsource (BLDR) closed down more than -5%, and DR Horton (DHI), Pulte Group (PHM), KB Home (KBH), Toll Brothers (TOL), and Home Depot (HD) closed down more than -2%. Also, Lennar (LEN) closed down more than -1%.
Defensive health insurance stocks moved higher on Tuesday, with the slump in the broader market. Humana (HUM) and CVS Health Corp (CVS) closed up more than +3%, and Elevance Health (ELV), Cardinal Health (CAH), the Cigna Group (CI), and Molina Healthcare (MOH) closed up more than +2%. Also, UnitedHealth Group (UNH) and Centene (CNC) closed up more than +1%.
Fervo Energy (FRVO) closed up more than +28% on a Wall Street Journal report that said the company has signed a deal to sell power to Alphabet’s Google.
Duolingo (DUOL) closed up more than +7% after Evercore ISI upgraded the stock to outperform from in line with a price target of $210.
Howmet Aerospace (HWM) closed up more than +4% after Citigroup said Monday’s selloff in the stock was “overblown,” and maintains its buy rating on the stock.
Earnings Reports (9/2/2026)
Broadcom Inc (AVGO), Brown-Forman Corp (BF/B), Five Below Inc (FIVE), Hewlett Packard Enterprise Co (HPE), NetApp Inc (NTAP), Ollie's Bargain Outlet Holding (OLLI), PVH Corp (PVH), Snowflake Inc (SNOW).
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 Lower as Bond Yields Surge

The S&P 500 Index ($SPX) (SPY) is down by -0.44% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.96%. E-mini S&P futures (ESU26) are down -0.46%, and September E-mini Nasdaq futures (NQU26) are down -0.98%.
Stock indices are trading lower today, with the S&P 500 falling to a 4-week low and the Dow Jones Industrials and the Nasdaq 100 posting 1-week lows. Stocks are sliding as rising oil prices boost inflation expectations and ramp up expectations that global central banks will keep raising interest rates. Investors are demanding higher yields to hold bonds as concerns intensify about persistent inflation, government spending, and surging corporate borrowing to finance the AI buildout. The higher bond yields have sparked a retreat in chipmakers and AI-infrastructure stocks today.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s global bond sell-off has pushed bond yields to multi-year highs and is undercutting stocks. The UK 10-year Gilt yield soared to an 18-year high of 5.25%, the German 10-year Bund yield jumped to a 15-year high of 3.36%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.00%, and the 10-year T-note yield rose to a 1.75-year high of 4.80%.
Stocks maintained their losses today on weaker-than-expected US economic news, including Aug ISM manufacturing, July construction spending, and July JOLTS job openings.
The US Aug ISM manufacturing index fell -1.0 to 54.6, weaker than expectations of 55.2. The Aug ISM prices paid sub-index was unchanged at 71.1, stronger than expectations of a decline to 70.8.
US July construction spending fell -0.5% m/m, weaker than expectations of no change.
The US July JOLTS job openings unexpectedly rose +89,000 to 7.271 million from a downward revised 7.182 million in June, weaker than expectations of 7.313 million.
Hawkish comments today from Fed Governor Michael Barr were bearish for stocks and bonds when he said, "If inflation appears not to be moderating sufficiently, then I think we should act decisively to raise interest rates."
Oct WTI crude oil prices (CLV26) are up more than +2% today to a 6-week high as Middle East hostilities escalate. Late Monday, two oil supertankers were struck by projectiles while attempting to exit the Strait of Hormuz. Also on Monday, the US struck Iranian rocket launchers preparing to send mines into the Strait of Hormuz, and Iran retaliated by firing missiles and drones at US air bases in Jordan, while the United Arab Emirates said it intercepted drones from Iran. Axios reported that President Trump is weighing limited strikes against Iran to prevent it from reconstituting its radar and missile capabilities to attack ships in the Strait of Hormuz.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 486 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 65% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 fell to a 1-month low and is down -0.73%. China's Shanghai Composite fell from a 7-week high and closed down -0.16%. Japan's Nikkei-225 Stock Average closed down -0.15%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -4 ticks today. The 10-year T-note yield is up +1.2 bp to 4.762%. T-notes dropped to a 1.75-year nearest-futures low today, and the 10-year T-note yield rose to a 1.75-year high of 4.796%. T-notes are under pressure from today’s +2% jump in WTI crude oil prices to a 6-week high, which boosts inflation expectations and is hawkish for Fed policy. T-notes are also being pressured by negative carryover from last Friday, when hawkish comments from Fed Chair Warsh pushed the chances of a Fed rate hike at next month’s FOMC meeting up to 65% today from 36% before he spoke.
T-notes recovered from their worst level today after weaker-than-expected US economic news on Aug ISM manufacturing, July construction spending, and July JOLTS job openings sparked short covering in T-notes.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 15-year high of 3.364% and is up +0.8 bp to 3.332%. The 10-year UK gilt yield surged to an 18-year high of 5.250% and is up +13.6 bp to 5.199%.
The Eurozone Aug CPI rose +3.3% y/y, in line with expectations and the largest increase in nearly 3 years. Aug core CPI rose +2.4% y/y, weaker than expectations of +2.5% y/y.
The Eurozone July unemployment rate was unchanged at 6.4%, showing a slightly weaker labor market than expectations of 6.3%.
The Eurozone Aug S&P manufacturing PMI was revised downward by -0.1 to 52.7 from the previously reported 52.8.
German July retail sales unexpectedly fell by -3.4% m/m, weaker than expectations of +0.5% m/m and the biggest decline in 5 years.
ECB Governing Council member Martin Kocher said, "Upside risks to inflation have increased again recently. If this picture is confirmed in the ECB's new forecast, I believe another interest rate hike will be necessary in the near future."
The UK Aug S&P manufacturing PMI was revised upward by +0.2 to 51.7 from the previously reported 51.5.
Markets are discounting a 98% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are retreating today amid the surge in bond yields. Qualcomm (QCOM), Lam Research (LRCX), Advanced Micro Devices (AMD), and KLA Corp (KLAC) are down more than -3%, and Applied Materials (AMAT), Analog Devices (ADI), Microchip Technology (MCHP), Marvel Technology (MRVL), ASML Holding NV (ASML), and Texas Instruments (TXN) are down more than -2%.
Cybersecurity stocks are weaker today, weighing on the broader market. CrowdStrike Holdings (CRWD) is down more than -6% to lead losers in the S&P 500 and the Nasdaq 100. Also, Palo Alto Networks (PANW) and SentinelOne (S) are down more than -5%, and Okta (OKTA), Fortinet (FTNT), and Zscaler (ZS) are down more than -4%, and Cloudflare (NET) is down more than +3%.
Cryptocurrency stocks are sliding today, with Bitcoin (^BTCUSD) down nearly -1%. Riot Platforms (RIOT) is down more than -5%, and Circle Internet Group (CRCL) and MARA Holdings (MARA) are down more than -3%. Also, Coinbase Global (COIN), Galaxy Digital Holdings (GLXY), Strategy (MSTR), and Iren Ltd (IREN) are down more than -2%.
Defensive health insurance stocks are climbing today, with the slump in the broader market. Humana (HUM) and CVS Health Corp (CVS) are up more than +3%, and Elevance Health (ELV), Centene (CNC), Cardinal Health (CAH), the Cigna Group (CI), and Molina Healthcare (MOH) are up more than +2%. Also, UnitedHealth Group (UNH) and Universal Health Services (UHS) are up more than +1%.
Amazon.com (AMZN) is down more than -2% to lead losers in the Dow Jones Industrials after the US Federal Trade Commission and a group of US states sued the company over claims it overcharged advertisers by more than $20 billion since 2019.
Fervo Energy (FRVO) is up more than +23% on a Wall Street Journal report that said the company has signed a deal to sell power to Alphabet’s Google.
Duolingo (DUOL) is up more than +5% after Evercore ISI upgraded the stock to outperform from in line with a price target of $210.
Howmet Aerospace (HWM) is up more than +3% to lead gainers in the S&P 500 after Citigroup said Monday’s selloff in the stock was “overblown,” and maintains its buy rating on the stock.
Earnings Reports (9/1/2026)
Credo Technology Group Holding (CRDO), Dell Technologies Inc (DELL), Gitlab Inc (GTLB), Medtronic PLC (MDT), MongoDB Inc (MDB), Palo Alto Networks Inc (PANW).
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.
More news from Barchart

Global Bond Selloff Weighs on Stocks

ASML Holding ASML is making rapid strides, courtesy of its dominant position in extreme ultraviolet (“EUV”) lithography systems. An increase in AI-driven infrastructure spending is boosting demand for advanced logic and memory chips
ASML sees AI as a major long-term catalyst, strengthening demand for its EUV lithography systems. The company is using AI in engineering, product development and customer support to improve efficiency.
Its collaboration with Mistral AI to deploy generative AI capabilities across engineering workflows and customer service further strengthens operational efficiency while accelerating problem-solving and design processes.
Supported by billions invested in annual research and development, an unmatched technological moat and leadership in advanced lithography, ASML is well-positioned to capitalize on the AI-driven semiconductor investment cycle. With AI serving as both a powerful demand driver and an internal productivity enabler, the company remains a critical force underpinning the global AI revolution and long-term semiconductor innovation.
High-NA EUV systems are poised to drive ASML’s next phase of growth. These next-generation lithography machines are designed to print increasingly smaller patterns required for advanced AI, logic and memory chips. Rising demand for AI, cloud computing and advanced electronics reinforces ASML’s strategic importance as the sole supplier of EUV lithography systems.
Taking a Look at the AI-related investments of 2 other tech companies
Applied Materials AMAT is another important player in the semiconductor industry. AMAT is well-positioned to benefit from the rising demand for AI chips, as hyperscalers continue to increase investments in AI infrastructure. Applied Materials is seeing strong demand for advanced packaging as AI drives the need for faster and more efficient computing systems. The company expects advanced packaging to remain a key growth area as chipmakers increase investments in high-bandwidth memory, 3D chiplets and other technologies that improve chip performance and power efficiency.
AMAT is investing in newer packaging technologies that could support growth beyond 2026. The company is developing solutions for larger panel formats and expects significant growth in panel revenues next year. Hybrid bonding is another opportunity, as chipmakers look to shorten wiring distances and improve performance and power efficiency. AMAT said its hybrid bonding technology and related products could become meaningful growth drivers over time.
ASML Holding also competes with Lam Research LRCX. Lam Research has secured multiple critical etch wins at a major DRAM manufacturer with its new Akara etch system, which supports 3D DRAM architectures. This was supported by LRCX’s customer investments in DDR5, LPDDR5 and high-bandwidth memory. Additionally, Lam Research’s Aether dry-resist technology was recently selected as the production tool of record for a leading DRAM customer, securing a foothold in this high-growth segment.
ASML’s Price Performance, Valuation & Earnings Estimates
Driven mainly by upbeat AI demand, shares of ASML have gained in double digits (% wise) in the past six months, outperforming its industry.
6-Month Price Comparison
From a valuation standpoint, ASML trades at a forward price-to-sales ratio of 11.47X, marginally higher than the industry’s average.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for ASML’s earnings has been revised over the past 90 days.
ASML’s Zacks Rank
ASML currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).

Does ASML's Dominant Position in EUV Signal Further Upside?

Key Points
Taiwan Semiconductor Manufacturing is growing faster.
ASML's stock gets a valuation boost due to its technology.
Taiwan Semiconductor Manufacturing (NYSE: TSM) and ASML (NASDAQ: ASML) are two vital companies for the world economy, even if they may not be well known. Taiwan Semiconductor, or TSMC as it is also known, is by far the largest chip foundry in the world, and produces logic chips for nearly every major tech company. ASML provides machinery to produce the advanced chips that TSMC and its peers manufacture, and is the only company in the world with this technology, giving it a rare technological monopoly.
Both of these companies have seen their stocks skyrocket over the past few years, but with the AI build-out projected to last for several more years, they have more upside ahead.
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 »
But which of these two stocks makes for the better long-term buy at the moment? Let's take a look.
A technological monopoly is hard to beat
ASML makes extreme ultraviolet (EUV) lithography machines. These machines are massive, cost hundreds of millions of dollars, and take a very specific supply chain to deliver and install. The end product is the size of a school bus, and it helps lay the tiny electrical traces on a chip. TSMC's current most advanced chip generation is 2nm chips, which indicates 2 nanometers of spacing between electrical traces. For reference, a human hair measures between 80,000 and 100,000 nanometers wide.
ASML's business booms when chip production increases, as it supplies the machines critical to chip production. Right now, there is a major chip production capacity build-out going on, so ASML's business is booming. It's a no-brainer beneficiary of the AI build-out, but it's a bit more lumpy than TSMC's business.
TSMC is a chip foundry and takes chip designs from its clients and manufactures them at scale. This is a technologically complex process involving hundreds of steps, but the business is pretty straightforward. If chip demand increases, TSMC does well. That's exactly what we're seeing right now. With its CEO projecting elevated AI chip demand through 2029 and into 2030, there is a long time left before demand might decrease.
So, which has the better business?
While I'm inclined to give ASML the win here due to its technological monopoly, it could go through a rough patch if it builds a lot of machines, and then chip production demand drops. Meanwhile, TSMC can continue to use ASML's machines to produce chips, and there could be other technological arms races after the AI build-out wraps up to keep TSMC's business thriving.
As a result, I'm going to give this category to TSMC, although it was a close call.
Winner: TSMC
TSMC has better growth rates
From a growth perspective, TSMC has consistently grown revenue faster than ASML.
This also holds when earnings per share are analyzed.
There's really no contest here in the growth category, so TSMC easily walks away with a win here.
Winner: TSMC
ASML isn't cheap
Because each of these companies is growing at a rapid pace and expects strong growth in the future, valuing the stocks based on their forward price-to-earnings ratio is a smart idea. From this perspective, ASML trades at a far higher premium.
ASML's premium may be able to be explained by its technological monopoly, but this can only take it so far when it's being outgrown by other investments.
As a result, I think that TSMC completes the clean sweep over ASML, as it's growing faster, is cheaper, and has a more sustainable business over the long term. While ASML is still a great company and I'm excited to watch it, TSMC makes for the better investment.
Should you buy stock in Taiwan Semiconductor Manufacturing right now?
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Keithen Drury has positions in Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends ASML and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
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Indicator	TTM Median
P/E	51.84 34.68
Price/Sales	15.30 2.81
P/B	28.92 3.02
P/FCF	57.82 23.22

Indicator	TTM Median
ROE	52.72 13.98
ROA	22.10 6.72
ROI	46.89 10.13
Net Worth	640.91 1.05
Quick Ratio	0.80 1.56
Current Ratio	1.33 1.88

Indicator	TTM Median
Net Profit Margin	30.14 10.17
Operating Margin	35.43 10.71
Gross Margin	52.76 50.00
Return on tangible equity	70.59 26.33

Indicator	TTM Median
EPS	5.60 0.36
EPS Forecast	5.12 0.25
Revenue	10.84B 67.00M
Gross Profit	5.86B —
EBITDA	4.30B —

ASML Holding N.V. - New York Registry Shares

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