ASML Q2 sales rise on AI lithography demand

For investors, that reinforces the view that AI infrastructure spending is spreading beyond GPUs and cloud builders into the industrial backbone of the chip industry. ASML shares have climbed sharply over the past year, and the stock’s recent move above its 200-day moving average reflects continued confidence that exposure to EUV and advanced node demand remains one of the cleanest ways to play the AI buildout.

The theme also extends to Japan’s Canon and Nikon, whose semiconductor lithography equipment businesses are seeing improved conditions as memory applications grow rapidly. Memory makers have been under pressure to add capacity and upgrade process technology as AI systems consume more high-performance storage, supporting demand for equipment vendors even outside the most advanced logic segment.

Technical indicators still suggest the rally is intact but no longer frictionless. ASML’s recent RSI readings have eased from overbought territory, while the stock remains above its 200-day average even after a pullback from June highs, a sign the market is digesting gains rather than abandoning the trade.

The next catalyst is execution: any further commentary from ASML on 2026 sales growth, gross margin and EUV demand will be closely watched, as will signs that memory capex is broadening into more sustained orders for Canon and Nikon.