ASML investing in Mistral – Strategic core or distraction?

Media reported yesterday that ASML will invest €1.3bn in Mistral AI, a French start-up developing frontier AI models, as part of a €1.7bn Series C funding round valuing Mistral at €10bn pre-money. Click on the link below for our quick read.

CoreWeave profitability; DeepSeek’s ASIC try; Semicap; PC pull-forward...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 9 names we followed last week, follow the link below.

AMD GPUs, Cyber HW refresh, Arista, Auto cycle and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

AI capex & replatforming; semicap into 2026; Apple, Arm & more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

2026 AI Capex, HBM Pricing, Auto Semi Recovery, and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 22 names we followed last week, follow the link below.

America’s AI Action Plan. Our 5 quick takes.

The Trump administration published its AI Action Plan yesterday. Please click the link below to see our summary on the 5 most relevant points for tech infrastructure and the broader AI supply chain.

ASML: best positioned for 2026 in the Semicap pack. Upgrade to Buy, €7...

Consensus expects ASML to grow revenues 2% next year, compared to 6-12% for its peers. That is conservative. If anything, we see room for ASML to outperform, driven by high leading-edge exposure. Beyond 2026, we also expect ASML to grow in the upper end of its peer group. Normal order intake in 3Q would allow management to ease concerns around 2026 growth, and with the stock trading on 25x forward earnings we see limited risk of further de-rating. We hence upgrade the stock to Buy, €790 Target...

H20 ban, TSMC beats, ASML cautious, Auto pull-ins, RAN muted. Our week...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 4 names we followed last week, follow the link below.

ASML 2Q25: Cautious tone on 2026 is justified. Maintain Neutral, €680 ...

ASML reported 2Q25 this morning. Please click below for our take on the print.

Semi cycle update. Much ado about nothing: Tariff and DeepSeek effects...

We publish today our quarterly and extensive review of where fundamentals, expectations, and valuations stand in semis and give our views on how investors should be positioned for the rest of the year. For details, please follow the link below.

ASML 2Q25 QT: Cautious tone on 2026 is justified.

ASML reported 2Q25 this morning. Please click below for our quick take on the print.

Autos & industrials, OpenAI/io deal, NVLink Fusion, AI cloud & capex, ...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 5 names we followed last week, follow the link below.

Tier 2 AI capex, PC pull-ins, Cisco downgrade. Our weekly wrap-up.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 14 names we followed last week, follow the link below.

Auto/Industrial recovery; Enterprise IT slowdown; Chinese semicap; Rob...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 29 names we followed last week, follow the link below.

Chinese Lithography: Recent newsflow confirms it is 15-20 years behind

Autos & Industrials, AI re-platforming, HBM, Tesla, Intel, LAM, and mo...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 21 names we followed last week, follow the link below.

LAM 2FQ25: beat driven by NAND upgrades & GAA. We are cautious. Neutra...

LAM reported 2Q25 yesterday. Please click the link below for our take on the print.

TSMC & ASML signals, Auto semi recovery, and more. The Tech Weekly Wra...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 14 names we followed last week, follow the link below.

ASML 1Q25 QT: FY25 guide maintained despite tariff uncertainty. We are...

ASML reported 1Q25 this morning. Please click the link below for our take on the print.

Tariffs: Smartphones, PC, semicap equipment, and others excluded - Our...

As a follow-up to the baseline thesis we published on Friday about U.S. tariffs, we provide below our assessment of latest developments announced on Friday.