reports
- Pierre FerraguÊ
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Thibault Leneeuw
Moore's law meets Schrodinger's cat Update on the semiconductor market
In this note we look back at developments within the Semi Industry, such as the shift to accelerated compute, the memory wall and memory developments. Single-thread performance slows due to physical limits marking the end of Moore's Law. But multi-thread performance and parallelism keep Moore's Law alive, shifting innovation toward bandwidth, accelerators, and advanced packaging. Furthermore, we provide an update on the Semi Market. Our analysis shows that End markets weakened not only in EUR bu...
ASM share buyback update July 7 – 11, 2025
ASM share buyback update July 7 – 11, 2025 Almere, The NetherlandsJuly 14, 2025, 5:45 p.m. CET ASM International N.V. (Euronext Amsterdam: ASM) reports the following transactions, conducted under ASM's current share buyback program. Date Repurchased shares Average price Repurchased value July 7, 2025 25 € 507.60 € 12,690 July 8, 2025 837 € 506.37 € 423,834 July 9, 2025 410 € 512.89 € 210,283 Total 1,272 € 508.50 € 646,807 These repurchases were made as part of the €150 million share buyback program which started on April 30, 2025...
ASML reports transactions under its current share buyback program
ASML reports transactions under its current share buyback program ASML reports transactions under its current share buyback program VELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program. DateTotal repurchased sharesWeighted average priceTotal repurchased value07-Jul-2518,525€666.53€12,347,42208-Jul-2518,303€671.75€12,295,11909-Jul-2518,125€678.36€12,295,18810-Jul-2517,884€687.46€12,294,46711-Jul-2518,023€682.18€12,295,015 ASML’s current share buyback program was announced on 10 November 2022, and detai...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Acquisition of Asian semiconductor player. ASML: Preview 2Q25; building backlog for 2026. BAM: 1H25 preview - YoY improvement from UK. Barco: Preview 1H25F; significant headwinds. Econocom: Acquires four specialist AV companies under ‘One Econocom' strategic plan. Flow Traders: Preview 2Q25. Staffing: Page Group 2Q25 trading update; soft 2Q25 especially in perm; outlook in line. WDP: €41m sale-and-lease back in France
ASM share buyback update June 30 – July 4, 2025
ASM share buyback update June 30 – July 4, 2025 Almere, The NetherlandsJuly 7, 2025, 5:45 p.m. CET ASM International N.V. (Euronext Amsterdam: ASM) reports that no transactions were executed under ASM's current share buyback program in the week June 30 – July 4, 2025. For further details including individual transaction information please visit: . About ASM International ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in...
ASML reports transactions under its current share buyback program
ASML reports transactions under its current share buyback program ASML reports transactions under its current share buyback program VELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program. DateTotal repurchased sharesWeighted average priceTotal repurchased value30-Jun-2518,093€679.54€12,294,98401-Jul-2518,317€671.24€12,295,06502-Jul-2518,480€665.30€12,294,76403-Jul-2518,285€672.38€12,294,42104-Jul-2518,595€661.19€12,294,815 ASML’s current share buyback program was announced on 10 November 2022, and detai...
- Emmanuel Matot
- Thomas Zlowodzki
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
BRAV BRAVIDA HOLDING AB
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALFEN ALFEN NV
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM STABILUS SE
AMS ARM HOLDINGS PLC
AMS-OSRAM AG
- Julian Dobrovolschi
- Thomas Zlowodzki
ENX EURONEXT NV
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EN BOUYGUES SA
ITRK INTERTEK GROUP PLC
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
WPP WPP PLC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALKAL KALRAY SA
JEN JENOPTIK AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Emmanuel Matot
- Thomas Zlowodzki
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
BRAV BRAVIDA HOLDING AB
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALFEN ALFEN NV
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM STABILUS SE
AMS ARM HOLDINGS PLC
AMS-OSRAM AG
- Julian Dobrovolschi
- Thomas Zlowodzki
ENX EURONEXT NV
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EN BOUYGUES SA
ITRK INTERTEK GROUP PLC
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
WPP WPP PLC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALKAL KALRAY SA
JEN JENOPTIK AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Martin Marandon-Carlhian
- Stephane Houri
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Martin Marandon-Carlhian
- Stephane Houri
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
ASM share buyback update June 23 – 27, 2025
ASM share buyback update June 23 – 27, 2025 Almere, The NetherlandsJune 30, 2025, 5:45 p.m. CET ASM International N.V. (Euronext Amsterdam: ASM) reports the following transactions, conducted under ASM's current share buyback program. Date Repurchased shares Average price Repurchased value June 23, 2025 9,874 € 517.47 € 5,109,461 June 24, 2025 11,169 € 533.12 € 5,954,417 June 25, 2025 10,980 € 545.59 € 5,990,567 Total 32,023 € 532.57 € 17,054,445 These repurchases were made as part of the €150 million share buyback program which started on April 30, 2025. Of the total p...
ASML reports transactions under its current share buyback program
ASML reports transactions under its current share buyback program ASML reports transactions under its current share buyback program VELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program. DateTotal repurchased sharesWeighted average priceTotal repurchased value23-Jun-2518,507€664.34€12,295,00724-Jun-2517,952€684.92€12,295,73125-Jun-2517,460€704.16€12,294,59226-Jun-2517,961€684.56€12,295,37727-Jun-2517,970€684.18€12,294,795 ASML’s current share buyback program was announced on 10 November 2022, and detai...
- Pierre FerraguÊ
Deep dive into Chinese Semicap: How much of a headwind for Western pla...
Chinese WFE spending quadrupled in five years to $41bn, driven by aggressive local deployments, while domestic vendors rapidly gained traction, capturing 13% of local spending already, mostly in deposition, etch, and CMP. In this deep dive, we assess the competitiveness of key Chinese vendors, including Naura, AMEC, and SiCarrier. We estimate first the pace (and the scope) at (and on) which they could close the gap with their western peers. On that basis we estimate the share they can gain ov...
ASM share buyback update June 16 – 20, 2025
ASM share buyback update June 16 – 20, 2025 Almere, The NetherlandsJune 23, 2025, 5:45 p.m. CET ASM International N.V. (Euronext Amsterdam: ASM) reports the following transactions, conducted under ASM's current share buyback program. Date Repurchased shares Average price Repurchased value June 18, 2025 215 € 517.52 € 111,267 June 19, 2025 3,423 € 512.74 € 1,755,120 June 20, 2025 3,732 € 515.14 € 1,922,520 Total...
ASML reports transactions under its current share buyback program
ASML reports transactions under its current share buyback program ASML reports transactions under its current share buyback program VELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program. DateTotal repurchased sharesWeighted average priceTotal repurchased value16-Jun-2518,513€664.13€12,295,06817-Jun-2518,520€663.87€12,294,89818-Jun-2518,468€665.72€12,294,55019-Jun-2518,600€658.31€12,244,62020-Jun-2518,553€662.68€12,294,695 ASML’s current share buyback program was announced on 10 November 2022, and detai...
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 1Q25
We publish today our comprehensive quarterly bible: 237 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
MBLY MOBILEYE NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
TXG 10X GENOMICS INC CLASS A
ERIC-B ERICSSON LM-B SHS
0084207D UBER TECHNOLOGIES INC
ME 23ANDME HLDG CO
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
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