ASML Printed No Bookings Line — Amsterdam Paid Up for the Capacity Instead
The referee answered in a different currency: ASML beat its own guidance on every line this morning — €9.3 billion in sales, 54% gross margin — and printed no bookings number at all; the answer came as capacity, 30% more EUV output planned for 2027. Behind it, day two of signal week reclaimed the floor — SOXX closed fourteen points back above 554 — and SK Hynix went from near its offer price to a post-debut high, up 27%. The day in ten.
ASML beat its own guidance on every line — €9.3 billion in sales against a €8.4–9.0 billion guide, 54% gross margin against 51–52% — and for the second consecutive quarter printed no net-bookings figure. The replacement answer was physical: a 30% addition to low-NA EUV capacity for 2027 and a Q3 guide stepping up to €11–12 billion. Amsterdam opened the stock around 7% higher, touched +8%, and by early afternoon had faded to +3–4% — a beat-sized gain kept, not a re-rating — while the rest of Europe's semi complex barely moved. The reaction is day one of the Print Record's ASML card, whose thesis is that this stock prices the order book rather than the quarter. And the day's second referee spoke: June PPI fell 0.3% against expectations near flat — the first decline after two straight 1.1% jumps, the annual rate down to 5.5% from 6.5%. The inflation wedge this diary flagged narrowed from both sides inside 24 hours.