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.

Getting over Tariffs – Step back. Rethink. Move on.

Swings observed in the last 10 days has been second to none. The Great Financial Crisis and Covid didn’t get us in a worst spot. Make no mistake: The markets are panicking today even more than when the world came to a COVID standstill, with the individual contributors to the vast majority of the world’s GDP locked down. How reasonable is that? Very little, in our view. The polarization of the political landscape has created a global brain freeze. Few analyses calmly assess the U.S. administrati...

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of ASML Holding N.V. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 4 April 2025 in which we reassessed the appropriateness of the ratings in the context of ...

Semiconductors in the crash: Relative valuations walked back 15 years...

As we brace for another tough Monday, we share with you this morning our usual quarterly and extensive review of where fundamentals, expectations, and valuations stand in semis, although, this time, in light of the steep pullback of the last couple of days, and the last couple of months. Over the next 30 slides. We did our best to articulate our expectations for earnings revisions with where we stand on valuation already, and the fundamental backdrop, segment by segment. We conclude with a very...

Tokyo Electron’s 2025 CMD: What did we learn?

Tokyo Electron hosted its 2025 CMD. For a summary of our main takeaways, please follow the link below.

LAM Research 2025 CMD: What did we learn?

Lam Research hosted its 2025 CMD yesterday.