ASML Raises 2026 Sales and Margin Outlook

The backdrop remains supportive. U.S. 10-year Treasury yields are near 4.68%, inflation is still running above where central banks would like, and industrial production has only been grinding higher. In that kind of environment, companies with pricing power, high barriers to entry and long order backlogs usually deserve a premium. ASML’s latest quarter pointed in that direction, with second-quarter sales of €9.3 billion and net income of €2.9 billion, while management also lifted its margin outlook.

The stock has already responded. ASML shares closed at $1,802.76 on Aug. 18, well above the 50-day moving average of about $1,775, and the 200-day moving average of roughly $1,428, suggesting the long-term trend remains intact even after a volatile summer. The RSI reading of 71.9 points to a stretched short-term move, but for long-term investors that is less important than the bigger picture: the company is still expanding into a market where AI demand is forcing semiconductor customers to keep spending.

There is also a broader industry tailwind. Chinese chipmaker SMIC has reported record sales above $3 billion, underscoring how AI demand is reaching deeper into the supply chain and how governments are still pouring money into domestic chip capacity. That kind of spending helps explain why semiconductor equipment remains a strategic battleground, even as U.S. sanctions complicate trade flows.

For investors, the key question is not whether ASML can ride out one quarter or one cycle. It is whether the company can keep compounding through the next decade of AI-driven chip investment. Based on the higher sales and margin guidance, the answer still looks like yes. For patient investors with a long horizon, ASML remains one of the most important names to watch in the semiconductor ecosystem.