ASML Becomes Europe's Most Valuable Company with $674 Billion Market Cap

ASML Holding reached a record market capitalization of about $674 billion, making it the most valuable European stock ever and overtaking Novo Nordisk. The Dutch semiconductor equipment maker saw its shares rise more than 60 % year‑to‑date and 130 % over the past twelve months as demand for its extreme ultraviolet (EUV) lithography machines surged amid the AI and data‑center boom.

In the first quarter of 2026, ASML reported net sales of €8.8 billion, net income of €2.8 billion and a gross margin of roughly 53 %. The company raised its full‑year 2026 revenue outlook to €36‑40 billion and lifted its share‑repurchase programme, signalling confidence in long‑term growth. Analysts highlighted the firm’s ability to expand production capacity, with projections of up to 90 EUV machines shipped in 2027, and maintained high price targets.

ASML’s monopoly position in EUV lithography—essential for leading chip fabs such as TSMC, Samsung and Intel—underpins the valuation. Recent strategic moves include a memorandum of understanding with Tata Electronics to support a new semiconductor fab in India, further extending the company’s market reach.