Key Takeaways ASML’s stock price climbed approximately 4% to reach $1,870.48 following an expanded Samsung collaboration on High-NA EUV technology. Samsung announced plans to deploy High-NA E
Shares of ASML Holding gained roughly 4% this week, reaching $1,870.48, following news that the Netherlands-based semiconductor equipment maker has expanded its partnership with Samsung focused on High-NA extreme ultraviolet lithography.
Announced on September 8, the expanded collaboration includes joint development efforts on larger 12-inch photomasks. Samsung intends to integrate High-NA EUV technology into mass-production DRAM manufacturing by 2028.
This represents a significant milestone for ASML. Until recently, High-NA systems were widely regarded as costly experimental platforms with uncertain commercial viability.
The technology is now transitioning into genuine manufacturing infrastructure. Intel has already run more than one million wafers through High-NA equipment and reports that critical production benchmarks are being achieved.
Intel currently deploys High-NA lithography on specific layers within its 18A process node. This operational validation from a major customer provides crucial market confidence for ASML.
TSMC has also confirmed its High-NA strategy. The world’s leading contract chipmaker plans to launch high-volume production using the technology beginning in 2030.
TSMC is collaborating with ASML on the development of those larger-format photomasks as well. The objective is to enhance scanner throughput while reducing per-chip manufacturing expenses.
With AI semiconductor architectures growing increasingly intricate, TSMC anticipates that additional process layers will necessitate High-NA capabilities. Each new layer translates into incremental demand for ASML’s most expensive machines.
Meanwhile, ASML is actively scaling production. The company intends to increase 2027 low-NA EUV manufacturing capacity by 30%, expanding from approximately 65 units in 2026.
According to July disclosures, ASML’s 2027 EUV capacity was already nearly fully reserved. This provides the company with a solid foundation to convert backlog into revenue.
China represents the primary uncertainty. A recent Reuters investigation revealed that domestically manufactured immersion DUV lithography systems have entered commercial production within China.
These Chinese-built tools remain technologically inferior to ASML’s offerings. However, continued advancement could eventually reduce China’s reliance on imported semiconductor equipment.
This development carries weight because China accounted for roughly 16% of ASML’s revenue during the first half of 2026. Existing export restrictions already prevent ASML from shipping EUV and certain advanced DUV systems to Chinese customers.
Valuation metrics also warrant attention. ASML currently trades above 32 times forward earnings estimates, offering limited margin for execution shortfalls.
The stock also trades approximately 48% above a GF Value benchmark of around $1,270. Any setbacks in High-NA deployment schedules could trigger outsized stock price reactions.
Despite these concerns, Wall Street maintains strong conviction. Analysts have established a Strong Buy consensus rating based on six Buy recommendations issued over the past three months.
The consensus price target stands at $2,391.80, indicating approximately 29% upside potential from present levels. Neither system order quantities nor delivery schedules were revealed in conjunction with the Samsung partnership announcement.
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