Shares of ASML Holding NV advanced sharply on Friday, closing 3.84% higher at €1,193.80 in Amsterdam. The company's U.S.-listed securities saw an even stronger gain, rising 4.6% to finish at $1,413.01.
Chip Sector Rally Driven by AI Demand
The move was part of a broad recovery across semiconductor stocks. Investors are betting that major cloud computing firms will maintain heavy capital expenditure for artificial intelligence infrastructure. "Evidence continues to mount indicating genuine demand for AI products," noted Ross Mayfield, an investment strategy analyst at Baird.
ASML occupies a critical position in this trend as the sole supplier of extreme ultraviolet (EUV) lithography systems. These machines are essential for manufacturing the world's most advanced semiconductors.
Earnings Context and Valuation Questions
The company's recent financial update remains a key reference point. ASML reported record fourth-quarter net bookings of €13.2 billion and raised its 2026 sales forecast to a range of €34 billion to €39 billion. The announcement also included plans for workforce reductions and a €12 billion share repurchase program. However, export controls continue to restrict sales of its most advanced tools to China, a significant market for chipmaking equipment.
Despite the positive outlook, the stock's premium valuation raises questions about how much future growth is already reflected in its price. "A substantial portion of the favorable news appears to be priced in," commented Han Dieperink, chief investment officer at Aureus.
Dividend and Macroeconomic Catalysts Ahead
The immediate calendar presents specific events for shareholders. ASML shares are scheduled to trade ex-dividend on February 9 on Euronext Amsterdam and February 10 on Nasdaq, with the payment slated for February 18.
Broader market sentiment will also be tested by upcoming U.S. economic releases. The January employment report on February 11 and the Consumer Price Index (CPI) data on February 13 could influence interest rate expectations and, consequently, valuations for technology and semiconductor equities.
With markets closed for the weekend, attention turns to whether Friday's momentum will persist into next week's trading, especially with the dividend adjustment and key economic reports on the docket.
