ASML raises 2026 sales forecast as AI chip demand outpaces supply
Commenting on the latest ASML quarterly results, James Bull, technology industry senior analyst, RSM UK said:
“Since ASML's last results in January, the industry backdrop has continued to strengthen but the operating environment has grown significantly more complex. The conflict in the Middle East has created supply chain uncertainty for energy and critical materials used in semiconductor manufacturing including natural gas, helium and bromine. If the ceasefire collapses, material shortages and increases in energy costs are likely to increase semiconductor manufacturing costs. It may also force customers to defer their capex investment decisions testing whether the industry can continue to scale AI infrastructure economically in a more volatile geopolitical environment.
“The conflict in the Middle East provides a timely reminder that the global AI economy depends on vulnerable physical infrastructure, access to natural resources and geopolitical stability. However, despite these headwinds, ASML's Q1 results demonstrate that AI demand is currently overriding the geopolitical uncertainty in the Middle East and restrictions imposed on ASML’s sales to China.
“The overall environment for AI and advanced semiconductors remains positive, with ASML uniquely positioned as the sole provider of EUV technology and customers racing to secure capacity ahead of potential supply constraints."