ASML Instills Confidence in EUV Lithography With Fourth-Quarter Results; Shares Remain Overvalued
ASML reported fourth-quarter results that exceeded our expectations, while bolstering investors’ confidence in the adoption of extreme-ultraviolet lithography, or EUV, by semiconductor manufacturers. The firm recorded six additional EUV orders during the quarter, bringing the total EUV system order book to 18 systems that account for about EUR 2 billion, or half the overall backlog. We believe this represents an important milestone for the lithography leader, as the insertion of EUV into high-vo...
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