ASML Becomes Europe's Most Valuable Company on AI Chip Demand
Published:
Image credit: A ansems · Public domain · Wikimedia Commons
In brief
Dutch lithography-equipment maker ASML became Europe's most valuable listed company after third-quarter 2026 results showed record sales and profit driven by artificial-intelligence-related chip demand. Its market value reached roughly €586 billion ($674 billion), surpassing the previous European record held by Novo Nordisk since June 2024.
ASML Holding, the Dutch maker of machines used to print the most advanced computer chips, overtook Danish drugmaker Novo Nordisk as Europe's most valuable publicly listed company on October 14, 2026. The shift followed the release of ASML's third-quarter results, which showed revenue and profit rising sharply as chipmakers keep ordering equipment to build more artificial-intelligence hardware.
What the Quarterly Numbers Show
ASML reported net sales of €11.7 billion and net profit of €4.96 billion for the third quarter of 2026, according to results the company presented in Veldhoven, Netherlands, as confirmed by financial outlets Euronext and The Korea Times. Gross margin reached 57.5%, above the company's earlier guidance, while operating margin reached 44.4%, according to Investing.com's review of the earnings presentation. Shipments of extreme ultraviolet (EUV) lithography systems rose to 40 units from 16 in the second quarter, the same review showed.
ASML raised its full-year 2026 sales outlook to €44–45 billion, narrowing and lifting the lower end of a previous €43–45 billion forecast, and said it expects fourth-quarter net sales of between €14.2 billion and €15.2 billion.
ASML's 2026 quarterly results so far
Metric
Q1 2026
Q2 2026
Q3 2026
Net sales
€8.8 billion
€9.3 billion
€11.7 billion
Net income
€2.8 billion
€2.9 billion
€4.96 billion
Gross margin
53.0%
54.0%
57.5%
Why Demand Is Outrunning Supply
Chief Executive Christophe Fouquet said customers keep raising their equipment forecasts because of AI-related investment plans, with some now asking about orders for years ASML had not previously planned around.
We are seeing a lot of order intake for 2028. But also some strong interest to already place orders for 2029 and sometimes even 2030.
— Christophe Fouquet, CEO of ASML, quoted by Euronext and The Korea Times
ASML plans to raise capacity for its low-NA EUV and deep ultraviolet (DUV) immersion systems by 30% in both 2027 and 2028, but Fouquet acknowledged this expansion 'would not be enough' to meet customer demand, according to The Korea Times. The company also said it will raise prices starting in 2027, with the full effect visible from 2028. The Korea Times noted that ASML's major customers — including TSMC, Samsung, Intel, SK Hynix and Micron — are all expanding production to meet chip demand.
Europe's New Most Valuable Company
ASML's market value stood at roughly €586 billion after the earnings release, according to Euronext and The Korea Times, equivalent to about $674 billion in a separate intraday figure cited by financial-markets outlet TradingView. That level overtook the previous European record set by Novo Nordisk in June 2024, according to TradingView's report, which also noted that Novo Nordisk's shares have fallen over the past year while ASML's have risen sharply over the same period.
Shares of ASML rose about 2% on the day results were announced and have gained close to 70% since the start of 2026, according to Euronext and The Korea Times. ASML is the only company able to build EUV lithography machines, the equipment required to manufacture the most advanced logic and memory chips used in AI data centers.
What Analysts Said
Gordon Kerr, a European macro strategist at KBRA, said the results indicated that demand for chips remained strong and that infrastructure spending was likely to continue well into 2027, according to Euronext's report, easing some investor concern that AI-related capital spending could soon slow down.
Questions
How did ASML become Europe's most valuable company?
ASML's market value rose to roughly €586 billion (about $674 billion) after it reported record third-quarter 2026 sales and profit on October 14, 2026, driven by chipmakers' AI-related equipment orders, overtaking Novo Nordisk, which had held the top spot since June 2024.
What were ASML's third-quarter 2026 results?
ASML reported net sales of €11.7 billion and net profit of €4.96 billion, with a gross margin of 57.5% and an operating margin of 44.4%, according to the company's results presented in Veldhoven.
Why is AI demand pushing up ASML's business?
Chipmakers such as TSMC, Samsung, Intel, SK Hynix and Micron are expanding production of advanced logic and memory chips used in AI data centers, and ASML is the only maker of the EUV lithography machines needed to produce the most advanced of those chips.
How far ahead are ASML's orders now?
CEO Christophe Fouquet said the company is seeing strong order intake for 2028 and growing customer interest in placing orders as far out as 2029 and 2030.
Is ASML's current capacity enough to meet demand?
No. ASML plans to raise capacity for its low-NA EUV and DUV immersion systems by 30% in both 2027 and 2028, but Fouquet said this increase 'would not be enough' to cover customer demand, and the company will also raise prices starting in 2027.
This piece was prepared with artificial intelligence and passed an automated source check before publication. If you see an error, ask for a correction. Request a correction or reply · How we make this
US consumer prices rose 3.7% in September 2026 from a year earlier, up from 3.4% in August, the Bureau of Labor Statistics reported on October 14. Gasoline prices jumped 9.1% in a single month and accounted for about half of the overall increase, pushing core inflation to 2.6% annually as well.
The Social Security Administration has set the 2027 cost-of-living adjustment (COLA) at 3.6%, the largest increase since 2023. For the average retired worker, that adds roughly $75 a month, with the new amount showing up starting with January 2027 payments.
The Social Security Administration announced on October 14, 2026, that benefits will rise by 3.6% in 2027 — the largest cost-of-living adjustment (COLA) since 2023. For the average retired worker, that adds roughly $75 a month, lifting the typical check to about $2,170, effective with January 2027 payments.
The average 30-year fixed mortgage rate hit 7.40% in the week ending October 8, 2026, according to Freddie Mac — the seventh straight weekly increase. Higher borrowing costs are keeping many buyers out even as inventory rises and sellers cut prices, creating what economists describe as a buyer-friendly market that few buyers can afford to enter.
