ASML Holding is buying back its own stock at a steady clip while its flagship lithography systems remain effectively sold out for years to come. The Dutch semiconductor equipment maker disclosed on Monday that it repurchased 165,200 of its own shares between September 21 and 25, a transaction worth EUR 248,163,188. That followed the prior week’s disclosure of 304,500 shares bought back for EUR 427,767,898.
The buyback activity comes as the company’s order book tells a story of two very different worlds. On one side sits an insatiable global appetite for advanced chipmaking gear; on the other, a European home market that has gone almost completely silent.
AI Demand Fills the Pipeline Into 2027
Chief Financial Officer Roger Dassen, speaking in a Reuters report, said the artificial intelligence boom has noticeably lifted customer sentiment. ASML’s most advanced EUV lithography machines are now largely spoken for through 2027, and clients are already committing to the next-generation High-NA platform.
That demand has not gone unnoticed on the analyst circuit. UBS reaffirmed its buy rating on the shares with a price target of EUR 2,350, citing a persistently positive outlook for chipmaking equipment demand. Barclays had already reiterated its overweight call and EUR 2,400 target on September 22.
The stock has rewarded that confidence. Shares listed in the US climbed nearly 3% in the prior session, and the equity changed hands at EUR 1,622.40 in today’s trading, up 0.4%. The previous day’s advance was even sharper — a 3.8% gain that closed the stock at EUR 1,616.20, part of a broader sector-wide rally as market participants refreshed their expectations for semiconductor equipment makers. Year to date, the shares have appreciated 76%.
A Home Market That Has Stopped Ordering
For all the global enthusiasm, Europe has become a glaring exception. Executive Vice President Frank Heemskerk said ASML has not sold a single system in Europe so far in 2026, pointing to an absence of investment and a lack of new fab construction. In the second quarter of 2026, the European market contributed nothing to the company’s net system revenue.
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Heemskerk urged European policymakers to introduce targeted incentives to stimulate demand for domestically produced chips.
Fouquet Draws a Line on Pricing — and on Export Controls
CEO Christophe Fouquet, in an interview with the Financial Times, made clear that ASML will not exploit its market dominance to extract maximum profit. He also flagged the sheer complexity of global supply chains, which places firm limits on how quickly existing manufacturing capacity can be expanded.
Fouquet separately cautioned that overly broad US export restrictions could inadvertently accelerate China’s development of its own chipmaking technology.
The political dimension is heating up. Dutch Prime Minister Rob Jetten on September 25 called on Washington to refrain from imposing additional export restrictions on ASML’s China business, warning that further measures could make it harder to sell advanced equipment in Asia.
What Comes Next
Investors will get a fuller picture on October 14, when ASML reports results for the quarter just ended. Until then, the buyback program continues to provide a steady bid under the stock — and the order book, at least outside Europe, continues to fill.
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