ASML: Why Europe's AI Giant Is Not The Best Chip Buy

ASML Holding remains a "hold" as shares are richly valued despite robust fundamentals and a strong AI-driven growth outlook. Q1 results exceeded expectations with €7.15 GAAP EPS and €8.77 billion in revenue, while management raised FY 2026 guidance amid accelerating AI demand. EUV lithography system demand and higher average selling prices support visibility, but export controls and competitive pressures pose risks to margins.