reports
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
ASML appoints next Chief Technology Officer
ASML appoints next Chief Technology Officer ASML appoints next Chief Technology Officer Marco Pieters appointed ASML Chief Technology Officer ASML Supervisory Board intends to reappoint CFO Roger Dassen and COO Frédéric Schneider-Maunoury, and to appoint CTO Marco Pieters to the Board of Management as of the April 2026 AGM VELDHOVEN, The Netherlands, October 9, 2025 – ASML Holding NV (ASML) today announced the appointment of Marco Pieters as Executive Vice President and Chief Technology Officer, reporting to President and Chief Executive Officer, Christophe Fouquet. With over 25 years of...
- Martin Marandon-Carlhian
- Stephane Houri
- Pierre FerraguÊ
Semicap and the $3tn AI bull-case: material upside, but well below the...
We published earlier this week our updated view on the Semicap rally, looking at the implication of AI spending tripling by 2030 for WFE spending. Today, we publish a follow-up looking at the implications of the $3tn AI bull case for Semicap on a single slide.
- ING Helpdesk
Benelux Morning Notes
Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back
- Pierre FerraguÊ
Does the Semicap rally have legs? Downgrading ASML to Neutral
The outlook for AI spending has strengthened in recent months, driving a rally in Semicap stocks. Our forecast embeds AI capex tripling by 2030, requiring ~$130bn of cumulative WFE spending, but driven by the first-order derivative of AI deployments, i.e. peak acceleration this year and peak spending next year; a trajectory in expectations already and resulting in a weak outlook beyond 2026. With near-term uncertainty, limited upside to 2026 forecasts, and valuations 2–12 turns above historic ...
- Research Department
INFORME DIARIO 02 OCTUBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SECTOR BANCARIO. EUROPA: ASML, INFORME ANUAL, NOKIA. Subidas en bolsa con malos datos A pesar de un comienzo con dudas, las bolsas europeas terminaron con ganancias después de que los malos datos desde EE.UU. apoyen bajadas de tipos por parte de la Fed. Sobre el shutdown pocos avances, el gobierno federal habría congelado 26.000 M dólares para los estados de tendencia demócrata (18.000 M dólares en infraestructuras para la ciudad de Nueva York). E...
- Martin Marandon-Carlhian
- Stephane Houri
FP TOTAL SE
BVI BUREAU VERITAS SA
ADS ADIDAS AG
PUM PUMA SE
RI PERNOD RICARD SA
FORTUM FORTUM OYJ
KER KERING SA
HEI HEIDELBERGCEMENT AG
SY1 SYMRISE AG
CCL CARNIVAL PLC
ABI ANHEUSER-BUSCH INBEV SA/NV
KBX KNORR-BREMSE AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
CTPNV CTP NV
- Martin Marandon-Carlhian
- Stephane Houri
FP TOTAL SE
BVI BUREAU VERITAS SA
ADS ADIDAS AG
PUM PUMA SE
RI PERNOD RICARD SA
FORTUM FORTUM OYJ
KER KERING SA
HEI HEIDELBERGCEMENT AG
SY1 SYMRISE AG
CCL CARNIVAL PLC
ABI ANHEUSER-BUSCH INBEV SA/NV
KBX KNORR-BREMSE AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
CTPNV CTP NV
- Martin Marandon-Carlhian
- Stephane Houri
- Baptiste Salaville
- Bruno Cavalier
- Konrad Zomer
SU SCHNEIDER ELECTRIC SE
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
EL ESSILORLUXOTTICA SA
WKL WOLTERS KLUWER NV
BRBY BURBERRY GROUP PLC
KER KERING SA
BAS BASF SE
UCB UCB S.A.
01913 PRADA S.P.A.
MONC MONCLER SPA
YPSN YPSOMED HOLDING AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
PUIG PUIG BRANDS
- Baptiste Salaville
- Bruno Cavalier
- Konrad Zomer
SU SCHNEIDER ELECTRIC SE
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
EL ESSILORLUXOTTICA SA
WKL WOLTERS KLUWER NV
BRBY BURBERRY GROUP PLC
KER KERING SA
BAS BASF SE
UCB UCB S.A.
01913 PRADA S.P.A.
MONC MONCLER SPA
YPSN YPSOMED HOLDING AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
PUIG PUIG BRANDS
- Martin Marandon-Carlhian
- Stephane Houri
- Pierre FerraguÊ
Chinese power semis: Quantifying the risk to Western vendors
Chinese power semiconductor vendors have gained 10pts of global share over the past five years. In this note, we break down where the gains came from, who lost out, and how we expect the competitive landscape to evolve. We also outline the implications for Infineon, onsemi, and STMicro. Please see the link below.
- Pierre FerraguÊ
- Farid Bitari
- Nicolas David
- Nicolas Thorez
FP TOTAL SE
SGE SAGE GROUP PLC
HEIA HEINEKEN NV
TEMN TEMENOS AG
CA CARREFOUR SA
ALLIX WALLIX GROUP SA
CGM CEGEDIM SA
LSS LECTRA SA
GEBN GEBERIT AG
SLHN SWISS LIFE HOLDING AG
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
SAP SAP SE
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ATCO A ATLAS COPCO AB
PLNW PLANISWARE
- Farid Bitari
- Nicolas David
- Nicolas Thorez
FP TOTAL SE
SGE SAGE GROUP PLC
HEIA HEINEKEN NV
TEMN TEMENOS AG
CA CARREFOUR SA
ALLIX WALLIX GROUP SA
CGM CEGEDIM SA
LSS LECTRA SA
GEBN GEBERIT AG
SLHN SWISS LIFE HOLDING AG
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
SAP SAP SE
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ATCO A ATLAS COPCO AB
PLNW PLANISWARE
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