ASML Stock Price Forecast – ASML $805 – AI Growth, High-NA EUV Ramp & 2026 Outlook
AI Supercycle, Risks, and Strategic Balance
The secular driver for ASML remains AI. Every incremental GPU cluster deployed by hyperscalers requires EUV-manufactured chips. The demand runway is not just cyclical—it is structural. However, risks remain. Export controls continue to tighten, particularly in U.S.-China relations, potentially limiting sales to Chinese fabs. The industry’s cyclicality could trigger a temporary flat year in 2026, already acknowledged by management. Moreover, reliance on single-source suppliers like Zeiss means ASML itself carries execution risks if critical components face disruption. Yet the company’s fortress balance sheet, €7.25 billion in cash, and…
