ASML Eyes 110+ EUV Machines as JPM Stresses 'Strong' AI Demand

Key takeaways

• ASML is gearing up for a 2028 EUV boom, but assembly speed and AI spending pace are key risks.
• 65 machines 2026 low‑NA EUV capacity
• 30% increase in 2027 to 80 machines
• 30% increase considered for 2028 targeting 110+ machines

What happened

ASML Holding N.V. said it is planning to build more than 110 extreme‑ultraviolet lithography machines for 2028 as AI demand stays very strong, according to JPMorgan analysts. The company’s shares fell 5.2% after the news and a broader sell‑off in chip stocks. Most new EUV orders are now for 2028 deliveries, with ASML already nearly sold out for 2027 and targeting 80 machines that year.

Why it matters

EUV machines are the only commercial equipment that lets chipmakers print the smallest, most advanced processors, which are critical for AI workloads. A larger 2028 order book signals sustained AI spending and could boost ASML’s revenue and cash flow. It also highlights the company’s assembly‑speed bottleneck,…

Short-term and longer-term

Short-term. Short‑term traders should watch ASML’s 2028 order book and the 30% capacity lift in 2027 for potential upside if the company can clear its assembly bottleneck.

Longer-term. Over the next few months, ASML’s expansion of EUV capacity could drive significant revenue growth, especially if Intel returns as a major customer.