ASML Stock Jumps 24% in June as Musk Calls It Europe’s Greatest Company

TLDR

• ASML stock rose 24.3% in June, driven by positive news flow rather than earnings
• Elon Musk publicly praised ASML and attended its tech conference, validating SpaceX’s Terafab chipmaking project
• Micron beat earnings and raised capex to $27 billion; Samsung and SK Hynix announced a combined $520 billion in spending
• Wells Fargo raised WFE industry estimates to $190B in 2027 and $216B in 2028; Susquehanna sees a potential $300B by 2028
• ASML reports earnings July 15, with EPS forecast of $7.98 — up 75% year-over-year

ASML stock closed at $1,769.89 on July 2, down 3.97% on the day after a standout June in which it gained 24.3%.

ASML Holding N.V., ASML

The June rally had nothing to do with ASML’s own earnings. No financial results were released during the month. Instead, the stock was carried higher by a wave of positive news around semiconductor investment.

The biggest headline came early in June when Elon Musk posted on X that “ASML should be treasured and supported. It is arguably the greatest company in Europe.” That post came ahead of his visit to ASML’s headquarters, timed around the SpaceX IPO.

SpaceX’s public offering raised around $86 billion. That cash is expected to fund Musk’s Terafab project — a large-scale semiconductor manufacturing venture co-owned by SpaceX and Tesla. ASML’s extreme ultraviolet (EUV) machines are central to that plan.

Musk later spoke at ASML’s own technology conference in mid-June, which many read as a signal that Terafab is moving from concept to something more concrete.

On June 24, Micron reported fiscal Q3 earnings that beat expectations by a wide margin. Micron also raised its capital expenditure forecast to $27 billion for the fiscal year, up from $25 billion. Micron is a heavy user of ASML’s EUV machines.

Memory Spending Surge Adds Fuel

Then, on the final day of June, Samsung and SK Hynix jointly announced $520 billion in planned spending over several years to build new greenfield memory plants. That figure drew attention across the semiconductor equipment space.

All three major memory producers — Micron, Samsung, and SK Hynix — rely on ASML’s EUV technology for leading-edge production. More factories mean more machines.

Analyst upgrades followed. Wells Fargo raised its estimate for global wafer front-end equipment spending to $190 billion in 2027 and $216 billion in 2028. The current year is tracking around $140 billion.

Susquehanna went further, projecting WFE spending could hit $300 billion by 2028. The firm cited potential equipment price increases as customers agree to pay more to secure supply.

What to Watch Ahead of Earnings

ASML currently trades at a forward P/E of 50.33, above the industry average of 44.57. Its PEG ratio sits at 1.4, slightly above the sector average of 1.35.

The Zacks consensus for the full year puts earnings at $36.62 per share and revenue at $45.35 billion — up 31% and 22.67% respectively from 2025.

ASML holds a Zacks Rank of #3 (Hold), with the consensus EPS estimate slipping 1.29% over the past month.

The company reports Q2 earnings on July 15, 2026. The current EPS forecast is $7.98 — a 75.38% jump from the same quarter last year. Revenue is expected at $10.28 billion, up 17.83% year-over-year.

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