JPMorgan · San Francisco · Tom's Hardware
ASML becomes Europe's most valuable company ever as analysts bet on higher EUV output, its market cap hit $674 billion this week
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ASML closed Wednesday, June 3rd, as the most valuable company in European history, reaching a market cap of $668 billion and passing the $650 billion record Novo Nordisk set in June 2024.
Key facts
- Substrate, a San Francisco startup backed by Peter Thiel's Founders Fund and the CIA-linked In-Q-Tel, has raised $100 million for a particle-accelerator X-ray lithography system that it claims
- ASML closed Wednesday, June 3rd, as the most valuable company in European history, reaching a market cap of $668 billion and passing the $650 billion record Novo Nordisk set in June 2024
- None of these is likely to replace an EUV scanner in high-volume logic anytime soon, where ASML's tools run from roughly $235 million for a low-NA system to about $380 million for the High-NA
- The two banks raised their price targets on the same day, JPMorgan to €1,900 from €1,515 and Morgan Stanley to €1,660 from €1,400, both keeping Overweight ratings
Summary
The two banks raised their price targets on the same day, JPMorgan to €1,900 from €1,515 and Morgan Stanley to €1,660 from €1,400, both keeping Overweight ratings. That output is mission-critical for the chip industry because EUV remains a severe chokepoint on advanced chip supply. Morgan Stanley said its greater confidence in near-term shipments stemmed from comments at ASML's April annual general meeting, where the company outlined an expansion at the Brainport Industries Campus in Eindhoven, with construction set to begin in the third quarter of 2026. ASML’s record ironically sits below the bar set by the companies ASML supplies.