Europe’s most valuable company is a direct winner of the memory supercycle.

To scale advanced memory and HBM, Micron, Samsung, and SK Hynix need lithography tools. For the most advanced layers that means ASML EUV, where there is effectively no alternative.

Micron’s capex is the cleanest datapoint:
- $27B in FY26
- $50B in FY27 (Goldman estimate)

Not all of that goes to ASML. A large share is fab construction. But the tool portion still flows to the one supplier that can print the leading-edge layers.

Management says it is already close to securing all EUV orders needed for 2027, with a large number booked for 2028.

Consensus expects ASML revenue to grow about 20% a year over the medium term, with operating margin reaching a record 36% by 2027.