ASML 2024 CMD: What did we learn?

ASML hosted its 2024 CMD last week. This note follows our initial reaction on the company’s updated financial targets and our recent updated perspective on the broader semicap equipment sector and ASML. The event was particularly rich and will provide us with research topics for months to come. For a summary of our main takeaways, please follow the link below.

ASML Holding N.V. - September 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Vermilion Short Shots: Technically Vulnerable Stocks

Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.

ASML crash, TSMC beat and raise, Wolfspeed lifeline, and more. Tech We...

As always, during earnings season, we wrap-up what happened in the previous week.

ASML 3Q24: Abrupt order slowdown confirms our concerns. Neutral, €725.

ASML 3Q24: Abrupt order slowdown confirms our concerns.

ASML reported 3Q24 this afternoon.

The Tech Infrastructure Quarterly Bible 2Q24

We publish today our comprehensive quarterly bible: 224 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.

Bible 2Q24 – Semicap: Recovering growth offset by China normalizing.

Today, we are publishing the Semicap Equipment section of our 24th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Cloud Infrastructure, Telecom Equipment, PCs, Enterprise IT, and Ride sharing & Delivery. Semicap equipment revenues were up 6% QoQ, wit...

ASML Holding N.V. - June 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

ASML 2Q24: 2025 shaping up to be a good year, but largely in expectati...

Moody's Ratings assigns P-1 commercial paper rating to ASML

Moody's Ratings (Moody's) assigned a Prime-1 (P-1) short term issuer rating to ASML Holding N.V. (ASML) and a Prime-1 (P-1) short term rating to ASML's €1.5 billion commercial paper program. ASML's A2 senior unsecured ratings remain unaffected. The outlook remains positive. RATINGS RATIONALE The...

ASML 2Q24: 2025 shaping up to be a good year, but largely in expectati...

ASML reported 2Q24 this morning.

Vermilion Compass: Weekly Equity Strategy

Play the Hand You're Dealt We continue to play the hand we have been dealt; in this market that refers to riding the trend higher on the S&P 500 and Nasdaq 100, and being overweight large-cap growth, considering the Russell 1000 Growth vs. Value ratio is breaking out from a 4-year base. This suggests growth's outperformance is likely to continue in the months ahead. Historically, growth outperforms during bull markets, so none of this should come as a surprise. Market dynamics continue to decis...

The Tech Infrastructure Quarterly Bible 1Q24

We publish today our comprehensive quarterly bible: 224 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:

KLA, LAM, AMAT, ASML, TEL model updates post 1Q24

Bible 1Q24 – Semicap: recovery on track, positive 2025 outlook in expe...

Today, we are publishing the Semicap section of our 23rd Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 130 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Cloud Infrastructure, Telecom Equipment, Industrials, PCs, Enterprise IT, and Ride sharing & Delivery. Semicap equipment revenues were in line wi...

ASML Holding N.V. - March 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

ASML Holding N.V.: Update following change of outlook to positive

Our credit view of this issuer reflects its strong track record of innovation.

Moody's Ratings changes ASML's outlook to positive; affirms A2 ratings

Moody's Ratings (Moody's) changed the outlook of ASML Holding N.V. ("ASML") to positive from stable. At the same time, Moody's affirmed ASML's A2 senior unsecured ratings. RATINGS RATIONALE Moody's changed ASML's outlook to positive from stable to reflect its strong operating performance and Moo...

Chinese WFE imports down 17% in 1Q24. Our quick take.

Chinese customs released data on monthly WFE imports this morning.