ASML shares climbed to an all-time high on Thursday, pushing its market capitalization past the $500 billion threshold and cementing its status as Europe’s most valuable publicly traded company. The rally was driven by stronger-than-expected quarterly bookings and a bullish outlook for extreme ultraviolet (EUV) lithography tools, which accounted for roughly 60% of ASML’s total order intake in the latest period. This milestone underscores investor confidence in ASML’s technological leadership and its ability to capture growing demand from leading foundries.

In 2025 ASML’s Installed Base Management (IBM) segment posted a 28% year-over-year increase in service revenues, driven by accelerating system upgrades and higher utilization rates across its global installed base of over 200 EUV machines. The company has scheduled more than 150 upgrade projects through mid-year, reflecting rising adoption of second-generation EUV tools and enhanced preventative maintenance contracts. These developments support a multi-year recurring revenue stream that now contributes nearly 25% of ASML’s total sales.

Analyst firm Bernstein recently elevated ASML into its upper echelon of market momentum, citing improving order visibility and a projected compound annual growth rate (CAGR) of 18% for the next two fiscal years. The firm highlighted ASML’s strong balance sheet, with net cash of €5.2 billion at the end of the last quarter, and forecast continued margin expansion driven by higher software and services mix. Bernstein’s report noted that ASML’s momentum score now ranks in the top 5% of global semiconductor equipment providers, positioning it for potential institutional inflows.