ASML, the Dutch maker of lithography systems used to print advanced semiconductors, forecast fourth-quarter sales above analyst expectations on Wednesday as demand tied to artificial intelligence infrastructure continued to outpace the company's ability to supply it.
The company upgraded the low end of its 2026 sales forecast, the third consecutive quarterly increase in its outlook this year, and said demand for its chip-printing tools is strong enough that it will not be able to fully satisfy customer orders in 2027 or 2028.
The upgrade follows a pattern of accelerating execution rather than just order intake: ASML's own strategic focus this year has shifted toward converting a growing pipeline into delivered systems and recognised revenue, including faster shipments of its deep ultraviolet (DUV) lithography tools.
Reinforced demand
That demand is being reinforced from the customer side.
Samsung Electronics and SK Hynix have both agreed this month to a 10% price increase on replacement parts for ASML's lithography systems in South Korea, with the higher prices applying to deliveries from January 2027.
Shares in Europe's largest company rose 3% in morning trading, valuing it at €604 billion.
UBS, in a flash note, said: "We believe the results were broadly in line with buy-side expectations, which may prove somewhat disappointing given the elevated bar into the print.
"Nevertheless, the results point to a strong backlog heading into next quarter and reinforce confidence in a healthy gross margin trajectory."
