ASML (ASML) Stock Surges 24% in June Following Elon Musk Endorsement and Memory Chip Boom

Key Highlights

• ASML shares climbed 24.3% throughout June without releasing quarterly results, propelled by industry momentum
• Elon Musk publicly endorsed ASML as Europe’s premier company and spoke at its technology summit, signaling SpaceX’s Terafab semiconductor initiative
• Micron exceeded earnings projections and increased capital spending to $27 billion; Samsung and SK Hynix committed $520 billion combined for new facilities
• Wells Fargo projected wafer fabrication equipment market to reach $190B by 2027 and $216B by 2028; Susquehanna forecasts potential $300B by 2028
• Second quarter results due July 15, with analysts projecting $7.98 EPS — representing 75% growth versus prior year

ASML shares finished trading at $1,769.89 on July 2, dropping 3.97% that session following an exceptional June performance that delivered 24.3% returns.

ASML Holding N.V., ASML

The remarkable June performance wasn’t triggered by the company’s quarterly reports. ASML didn’t publish financial statements during this period. Rather, the stock benefited from a series of encouraging developments surrounding semiconductor sector investments.

The most significant catalyst emerged in early June when Elon Musk declared on X that “ASML should be treasured and supported. It is arguably the greatest company in Europe.” This statement preceded his appearance at ASML’s corporate campus, coinciding with the SpaceX public offering.

The SpaceX IPO generated approximately $86 billion in proceeds. Industry observers expect these funds to finance Musk’s ambitious Terafab initiative — an extensive semiconductor production facility jointly held by SpaceX and Tesla. ASML’s advanced extreme ultraviolet (EUV) lithography systems represent a critical component of this strategy.

Musk subsequently delivered remarks at ASML’s technology summit in mid-June, which market participants interpreted as confirmation that Terafab is progressing beyond preliminary planning stages.

On June 24, Micron published third-quarter fiscal results that significantly exceeded Wall Street projections. The memory chip manufacturer also elevated its capital investment outlook to $27 billion for the fiscal period, an increase from the previous $25 billion target. Micron represents one of ASML’s largest customers for EUV equipment.

Memory Sector Investment Wave Provides Additional Momentum

On June’s final trading day, Samsung and SK Hynix jointly unveiled $520 billion in projected expenditures spanning multiple years for constructing new memory production facilities. This substantial commitment captured widespread attention throughout the semiconductor equipment industry.

All three dominant memory manufacturers — Micron, Samsung, and SK Hynix — depend on ASML’s EUV capabilities for cutting-edge chip production. Expanded factory capacity translates directly into increased equipment demand.

Wall Street analysts responded with revised forecasts. Wells Fargo elevated its projection for worldwide wafer front-end equipment expenditures to $190 billion in 2027 and $216 billion in 2028. Current year spending is estimated around $140 billion.

Susquehanna published even more optimistic figures, suggesting WFE spending might reach $300 billion by 2028. The investment bank highlighted possible equipment cost escalation as chipmakers accept premium pricing to guarantee delivery schedules.

Key Metrics Before Quarterly Results

ASML presently commands a forward price-to-earnings multiple of 50.33, exceeding the sector benchmark of 44.57. The company’s PEG ratio stands at 1.4, marginally above the industry norm of 1.35.

Zacks Investment Research consensus estimates forecast full-year earnings at $36.62 per share with revenue reaching $45.35 billion — representing increases of 31% and 22.67% respectively compared to 2025 performance.

ASML maintains a Zacks Rank of #3 (Hold), though the consensus earnings projection has declined 1.29% during the past thirty days.

The Dutch equipment maker releases second-quarter results on July 15, 2026. Current analyst projections call for $7.98 in earnings per share — marking a 75.38% increase versus the comparable quarter last year. Revenue expectations stand at $10.28 billion, representing 17.83% year-over-year growth.

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