Citigroup analysts say Dutch chip-equipment maker ASML plans capacity expansion
and that some customers are already expressing interest in 2029–2030 orders,
implying improving demand visibility. Citigroup says market attention is
shifting to the scale of expansion after 2028 and potential margin upside from
higher equipment ASPs and greater adoption of high-end lithography tools. ASML
CFO Roger Dassen said pricing talks with major customers are complete and
related price adjustments are expected to start taking effect from 2027.
Citigroup concludes rising visibility on longer‑dated equipment procurement is
refocusing investors from near‑term order flow to longer‑term capacity growth
and margin drivers.
