Rothschild Redburn Maintains Bullish Stance on ASML Amid Record Order Intake

Rothschild Redburn has maintained its positive investment thesis on ASML.NV, citing a significant increase in order intake during the final quarter of 2025. The firm noted that ASML received over €4.5 billion in new orders, driven primarily by demand for its EUV (extreme ultraviolet) lithography systems. This level of activity reflects strong customer commitment from leading semiconductor manufacturers across Asia and North America. The order backlog now exceeds €16 billion, up 22% year-over-year, signaling sustained momentum in the semiconductor capital equipment market. Such figures indicate that global foundries and integrated device manufacturers are aggressively expanding capacity to meet rising demand for AI chips, high-performance computing, and next-generation mobile devices. ASML’s dominance in EUV technology—critical for producing chips below the 5nm node—reinforces its strategic importance in the global tech ecosystem. The positive sentiment comes at a time when supply constraints in advanced chip production remain a key industry concern. With only ASML capable of manufacturing EUV machines, its ability to fulfill orders efficiently directly impacts the timeline for advanced semiconductor production worldwide. Investors are increasingly viewing ASML’s order book as a leading indicator of future revenue and profitability. As a result, ASML.NV’s stock has seen upward pressure, with market analysts noting that the company’s guidance for 2026 capital expenditure remains above industry averages. The firm’s operational resilience and strong order visibility are likely to bolster investor confidence, particularly in a sector where long-term planning and capital deployment are critical.