ASML Holding NV ADR (ASML) — the peer cohort

Long reads

• The Agentic Winners 25Dossier · $49 · 31 Mar 2026ASML makes extreme ultraviolet lithography machines.
• Where to Invest in the AI Chip Constraint ChainDossier · $29 · 3 Mar 2026ASML's High-NA EUV (€350M/unit) enters volume deployment.
• Who Owns the AI Chip Buildout?Dossier · $39 · 12 Feb 2026EUV embargo / yield ceilings / talent drain / overcapacity glut 🇪🇺 Europe Equipment gatekeeper (ASML 100% EUV).
• Two and a half months of lower highs, then a second low that held above the first — and on Friday the oscillator turned.Chart Pick · 4 Sept 2026The Philadelphia Semiconductor Index rose more than 3%; Nvidia is breaking out to new all-time highs; Applied Materials rose 5%, Marvell, Micron, ASML and Arm about 4%, AMD and Intel 3%, Astera Labs 11%.
• TSMC — The Toll at the Only BridgeReport · 13 Aug 2026Sources TSMC, Q2 2026 earnings release and guidance, 16 July 2026 — investor.tsmc.com TSMC Q2 2026 earnings call transcript and coverage — 16 July 2026; CNBC on the Arizona commitment TSMC 2026 Technology Symposium disclosures…
• Situational Awareness — Crushed While CorrectReport · 2 Aug 2026The fund evidently distinguished between first-wave names it considered finished (Nvidia, ASML, Broadcom, AMD, Oracle, the SMH complex — puts without meaningful offsetting calls) and constraint-chain names caught in first-wave wrappers…
• Chip Testing — The Verification TaxReport · 29 Jul 2026TSMC and Nvidia are the next parts of this series, and the genuinely contested cases — ASML, HBM as distinct from commodity DRAM, the power chain — are where the rubric will earn its keep.
• Sector Rotation — Three Rotations, One WeekWeekly Signal · 19 Jul 2026The prints came in good to record-setting — ASML's capacity frame, TSMC's record quarter, Netflix's growth — and the tape sold every one of them.

101 and glossary

• AI Barbell Strategy: Long Infrastructure, Short Disrupted Incumbents101ASML's EUV machines are required by every advanced fab.
• AI Infrastructure Outlook 2026: Layers, Risks, and Positioning101ASML's High-NA EUV is ramping but won't impact supply meaningfully until late 2026.
• DXY (US Dollar Index)GlossaryFor AI infrastructure investors, the DXY matters because many supply chain companies are non-US (TSMC in Taiwan, ASML in the Netherlands, Samsung in South Korea) — a strong dollar compresses their valuations when converted to USD terms.
• Economic MoatGlossaryIn AI investing, Closelook distinguishes between physics-based moats (ASML's EUV monopoly, TSMC's fabrication lead) and software moats (which agentic AI may erode).
• EUV (Extreme Ultraviolet Lithography)GlossaryASML is the sole supplier of EUV machines.
• LithographyGlossaryThe chip-manufacturing step that uses light to pattern circuits onto silicon; ASML's EUV monopoly defines the leading edge.
• Non-US Tech: The Widest Valuation Gap in a Decade101The standard explanation — US companies deserve premiums for growth and innovation — ignores that many of the most critical AI supply chain companies are non-US: ASML (Netherlands), TSMC (Taiwan), SK Hynix (Korea), BESI (Netherlands)…
• PhotolithographyGlossaryThe leading edge requires extreme ultraviolet (EUV) light, which is the source of ASML's strategic position.

Dailies

• Rates — the 10-year hits 5.01%: Dow −0.9%, Russell −1.2%, the AI sort pauses, Oracle and Adobe hold their linesMidday 10 · 15 Sept 2026The sort, day two: chips flat, not recovering — SOXX +0.3% at $498.65 under $505; AMD +2.0% to $503.50, Arm +2.7%, Marvell +2.0%, Nvidia +0.6% to $212.27, ASML +1.1% — while the equipment names are sold again: Lam −2.3%, Applied Materials…
• Oil settles at $107.63, the 10-year hits 4.95% and the 30-year 5.36%, its highest since 2007: chips lead a fourth down day, Oracle beats and jumps 4% after hours, Adobe beats and slips — and Asia sells its chipmakers 3% to 7%Morning 10 · 11 Sept 2026The ECB raises to 2.50%, unanimous, and Lagarde calls it a no-brainer — the second hike of the war, no discussion of the next step, markets price more; Europe closed lower with SAP −2.8%, Siemens −2.4%, ASML −1.6%, our Euro-AI index −1.5%…
• Brent closes above $100 for the first time since July and the 10-year hits 4.86%: Wall Street falls a third day while Cloudflare +10%, Datadog +7% and Meta +7% catch the money the chip leaders gave backMorning 10 · 10 Sept 2026Under the fall, the midday flip held into the close: Cloudflare +10.5% on its OpenAI security service, Datadog +7.2%, Meta +6.6% on its Muse agent, Marvell +4.3%, Astera Labs +4.0%, while Nvidia, Broadcom, TSMC and ASML slipped and AMD…
• The trade flips at midday: chips fade, software bounces — Meta +6%, Cloudflare +9%, Datadog +6% while oil holds $101 and the 10-year hits 4.85%Midday 10 · 9 Sept 2026The semiconductor ETFs opened higher and have given it all back, Nvidia, Broadcom, TSMC and ASML are lower, and the buying has moved to names with a catalyst: Cloudflare +9% on an OpenAI security partnership, Datadog +6%, Meta +6% on its…
• Chips up again, software down again — Friday's split is turning into a trendMidday 10 · 8 Sept 2026In Europe, Infineon is down 3.8% and BE Semiconductor 3.6%, while ASML in Amsterdam is up only 1.2%: the power, automotive and packaging end of the industry is being sold on the same day the AI-connectivity end is being bought.
• TSMC prints +45%, the rotation pays the whole chain — and the bond coil leaks into the refereeMidday 10 · 10 Aug 2026Europe traded the read-through immediately: ASML up more than 2%, Infineon and STMicro higher.
• The tailwind is gone — KOSPI gives back 5.2%, the yen gets ¥8tn of help, Palantir referees tonightMorning 10 · 3 Aug 2026Scanner — semi support confluence (ASML, AMKR, ASM)
• Semiconductors — Verdict Day: The Market Opens Below Every Line It Drew This WeekDaily Pulse · 17 Jul 2026Behind the tape sit four stacked forces — midterm-July seasonality, selling ahead of the big tech reports because the reaction function has turned punitive, the AI-productivity chatter, and above all the fear that the Mag 7 guide spending…