While the STOXX Europe 600 slipped by 0.6% and the Nasdaq 100 fell approximately 0.8% on Thursday, ASML bucked the wider sell-off by posting a 2.04% gain on notable volume. The Dutch lithography specialist’s shares outperformed every other member of the Stoxx Europe 600 Technology Index, underscoring investor confidence in its near-term outlook despite broader risk aversion in global markets.

ASML’s order backlog climbed to a fresh record of €21.4 billion at the end of last quarter, up 18% year-over-year. Management reiterated that current fab utilization rates are running at 98% capacity, supporting visibility into revenue for at least the next four quarters. Additionally, lithography tool shipments to major foundry customers increased by 12 units versus the prior quarter, a level not seen since the peak of the 2021 cycle.

During its recent capital markets day, ASML raised its full-year revenue guidance by 3 percentage points, pointing to double-digit growth driven by strong demand for its EUV systems. The company also reaffirmed its mid-50s operating margin target despite ongoing investments in R&D and new wafer-fab facilities. This combination of revised guidance and margin discipline has helped to soothe concerns over potential cost pressures from supply-chain inflation.