ASML reported. and the print is enormous. We expected Q2 revenue of €8.9B. ASML reported €9.3B, though it remained within our €8.4B - €9.5B range. Our reconstruction of ASML’s 2026 EUV output: we published ~69 systems before earnings. Today $ASML guided to roughly 65 Low-NA EUV systems. Excluding our High-NA estimate, our reconstruction aligns closely with ASML’s own number. We’ll keep both on the record. next up: what today’s results imply for TSMC tomorrow...
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