ASML Holding N.V.: High-NA inflection intact, with memory first in focus

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ASML Holding N.V.: High-NA inflection intact, with memory first in focus

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ASML Holding N.V.

High-NA inflection intact, with memory

first in focus

Reiterate Rating: BUY | PO: 1,710 EUR | Price: 1,345 EUR

Key takeaways from expert discussion on High-NA litho 21 May 2026

We hosted Sam Sivakumar, a former Senior Fellow and Director of Lithography at Intel. Equity

ASML’s High-NA was viewed as an important lever for Intel in its push to regain

technical leadership, giving the company an opportunity to bypass scaling challenges. Didier Scemama >> Research Analyst

While High-NA still brings transition risks around tool availability and utilisation, the MLI (UK)

expert expressed confidence in adoption being ultimately inevitable as the industry +44didier.scemama@bofa.com20 7995 6751

continues to scale. Overall, the call was in-line with our recent deep dive, reinforcing our Oliver Wong >>

view that High-NA remains critical to scaling, albeit with adoption likely to vary by Research Analyst

MLI (UK)

customer. We reiterate Buy/Top Pick on ASML at PO €1,710/$2,019. oliver.wong2@bofa.com

Stitching appears manageable, but adds design work AmeliaResearchBanksAnalyst>>

A key High-NA trade-off is the smaller exposure field; instead of the full 26mm x 33mm amelia.banks@bofa.com

low-NA field, High-NA prints half the field in one direction, requiring stitching for larger

dies. The expert described stitching as a technical challenge, where designers would

need to plan for the stitching boundary and incorporate this into layout rules. However,

Stock Datainitial concerns that designers would resist the half-field limitation appear to have faded,

with designers now seen as broadly comfortable with the additional constraint. Price (Common / ADR) 1,345 EUR / 1,550 USD