ASML’s July 15 Litmus Test: China Exports and High-NA Adoption Hinge on Earnings
Published on 07/04/2026 at 15:24 | Redaktion boerse-global.de
The Dutch chip-equipment giant finished a turbulent week on a high note, with its shares surging 4.98% to €1,628.00 on Friday. Yet the uplift masks a deepening tension: ASML is caught between a generative-AI boom that has propelled its stock 64.73% year-to-date and mounting geopolitical headwinds that threaten to choke off a key revenue stream. The next major inflection point arrives on July 15, when the company unveils its second-quarter results, and the outcome will determine whether the stock can close the 6.86% gap to its 52-week high of €1,748.00.
The most immediate risk revolves around China. ASML managers are set to join a government delegation to Beijing on July 4, following a tightening of export controls on lithography systems. The Netherlands is reportedly aligning with the US-led “Pax Silica” alliance, which could impose fresh restrictions on DUV machines. China accounts for roughly 20% of ASML’s planned system revenue for 2026, and an EU report recently warned of the sector’s heavy dependence on American technology, making a US veto on ASML exports to China an increasingly real scenario. Any sign that this revenue block is eroding will be scrutinized in the regional revenue breakdown published alongside the quarterly report.
Meanwhile, a separate technology hurdle is emerging. Industry reports suggest TSMC may delay the broad rollout of ASML’s flagship High-NA EUV machines until 2029, slowing the monetisation of the company’s most expensive R&D. That skepticism from a marquee customer has already weighed on sentiment. The combination of a potential “China cliff” and a slower High-NA adoption curve creates a bearish counterweight to the otherwise stellar bull case.
Should investors sell immediately? Or is it worth buying Asml?
The bull case, however, remains formidable. Global semiconductor revenue is projected to hit $1.32 trillion in 2026, fueled by aggressive capacity expansion from memory makers. Micron has raised its capital expenditure to $27 billion, while Samsung and SK Hynix together signal investment plans of some $520 billion. Intel is building a new photomask fab in California designed for 1.4-nanometer nodes and High-NA EUV. As long as these customers sustain their billion-dollar investment cycles, demand for ASML’s lithography systems should hold firm, underpinning a 12-month share price gain of 140.83%.
The stock currently trades 41.73% above its 200-day moving average of €1,148.68, a stretched valuation that makes it vulnerable to profit-taking. Hedge funds have recently turned net sellers of semiconductor stocks, a potential early warning that some market participants are locking in gains after the 64.73% rally since January. If the July 15 earnings call reveals faltering order intake or a shrinking China backlog, a sharp pullback toward the 50-day line at €1,442.48 is likely.
All eyes are now on CEO Christophe Fouquet and CFO Roger Dassen. Their guidance on the 2026 revenue forecast of €36 billion to €40 billion will be the single most important factor. A reaffirmation accompanied by a stable EUV order book could propel the stock back toward its record high. A more restrictive outcome from the China talks or weak foundry demand in the Q2 report would test the €1,600 support level. Holding above that mark during earnings season would signal that the market still trusts the AI-driven growth story – but the next ten days will expose whether that trust is warranted.
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