ASML Hits Historic Highs with Record $674 Billion Market Capitalization

The Dutch technology giant ASML has been officially recognized as the most valuable company in the history of the European stock market. The company's market value reached an unprecedented milestone of $668 billion (as of June 3rd). 

With this surge, ASML dethroned the Danish pharmaceutical company Novo Nordisk, whose peak valuation stood at $650 billion in June 2024.

Analysts Underestimated the Hidden Potential

Powerful catalysts for the surging stock price were synchronized reports by major investment banks, JPMorgan and Morgan Stanley. They published nearly identical research results, asserting that the company could manufacture far more scanners than the market had anticipated: over 110 units without any additional investment in expansion, compared to the previously assumed cap of 90 scanners.

Both banks aggressively raised their target price for ASML shares:

• JPMorgan: raised from €1,515 to €1,900
• Morgan Stanley: raised from €1,400 to €1,660

As a reminder, ASML holds an absolute monopoly on EUV (Extreme Ultraviolet) lithography scanners. Without these machines, industry giants like TSMC, Samsung, and Intel are physically unable to manufacture next-generation processors.

Betting on the Brainport Campus

The company's future growth is tightly linked to a large-scale infrastructure expansion. Morgan Stanley experts attribute the market's confidence to ASML's April announcements regarding the development of the Brainport Industries Campus in Eindhoven.

Construction of the new facility is scheduled to begin in the third quarter of 2026. Company representatives commented that this project will serve as the launching pad for a multi-phase expansion designed to permanently resolve capacity shortage concerns for key clients.

The Semiconductor Market Paradox

Despite its monopoly position in the sector, ASML has yet to reach a $1 trillion market capitalization. Furthermore, the company's annual stock growth still lags behind the overall explosive pace characteristic of the semiconductor industry. Nevertheless, ASML's current performance stands as an absolute triumph for the European tech sector.