Semiconductor shares rose on Wednesday across Europe and the U.S. after ASML Holding (EU:ASML) posted stronger-than-expected quarterly net bookings, though the company paired the upbeat figure with a cautious financial outlook.
In early trading, ASML climbed 3.3%, helping lift its European peers. Infineon Technologies AG (TG:IFX), Siltronic AG (TG:WAF), and STMicroelectronics N.V. (NYSE:STM) all gained ground, while in U.S. premarket activity, NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Broadcom Inc. (NASDAQ:AVGO) were also higher.
The upbeat bookings figures were tempered by a warning from ASML about a sharp fall in sales to China next year, casting a shadow over otherwise solid quarterly results. The company’s recent rise to become Europe’s largest listed firm has been fueled by soaring demand for its lithography machines, which are crucial to the current wave of investment in artificial intelligence.
CEO Christophe Fouquet said the company was seeing “positive momentum” in investments into AI. A surge of partnerships between AI developers and chipmakers in September and October has amplified market enthusiasm — but also revived fears of an “AI bubble” reminiscent of the dotcom era.
Net bookings for the third quarter reached €5.40 billion, surpassing expectations of €5.36 billion according to Visible Alpha data reported by Reuters. Net income came in at €2.12 billion, slightly ahead of the €2.11 billion forecast.
Despite the strong performance, ASML projected flat or only slightly higher revenue in 2026, citing weaker demand from China, which accounted for nearly one-third of new tool sales in the first nine months of 2025.
Analysts at Jefferies Financial Group said the update does not “give too much ammunition to either bulls or bears,” but after a 26% rally in ASML’s stock this year, a “lack of confidence in growth in 2026” may be “insufficient” to push the shares “much further.”
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