ASML reported impressive earnings and guidance on July 15, but during the earnings call, ASML CFO Roger Dassen disclosed that memory customers are using EUV lithography machines to significantly boost the efficiency of existing production lines. This could increase supply without adding large-scale capacity—raising market concerns about downward pressure on memory prices. Micron Technology (MU) shares immediately fell 8.02%.
Key takeaways from ASML’s earnings call: EUV efficiency gains could increase memory supply
According to reports, Roger Dassen said on the earnings call that memory customers are using ASML’s costly EUV lithography machines, enabling high-end production lines to produce silicon wafers faster than before. This means memory makers may be able to improve the efficiency of their existing production lines and slightly increase supply without building new large-scale fabs.
Worth noting background data: This year, about half of ASML’s system sales are used for memory manufacturing (about one third over the past three years). In 2025, ASML sold 44 EUV machines at an average selling price as high as €237 million. In a tight memory market, any incremental supply could put pressure on prices, even if large-scale new capacity won’t be ready until 2027.
Memory stocks fall: MU down 8.02%, semiconductor ETF turns from up to down 2.2%
According to reports, the memory stocks declined after the earnings call as follows:
Micron Technology (MU): down 8.02% (largest decline among holdings in the semiconductor ETF)
SK Hynix (SKHY): down 9.00%
iShares Semiconductor ETF (SOX): flipped from up 1.3% intraday to down 2.2%
ASML: closed up 2.2%, with a larger intraday gain
Background data: Since ASML’s weak earnings guidance event in Oct. 2024, it has risen 166%. Over the same period, the iShares Semiconductor ETF is up 144%, and the S&P 500 is up 29%.
FAQ
Why did ASML’s strong earnings lead to a drop in memory stocks?
According to reports, disclosures during ASML’s earnings call indicated that memory customers are using EUV lithography machines to improve the efficiency of existing production lines, potentially adding a small amount of incremental supply before large-scale new capacity comes online. Against the backdrop of a tight supply environment and memory prices at historical highs, any incremental supply could drive downward pressure on prices. That’s bad news for investors holding memory manufacturers, triggering sell-offs in memory stocks such as MU and SK Hynix.
How does ASML’s EUV equipment affect memory production?
According to reports, ASML’s EUV lithography machines enable memory manufacturers to produce silicon wafers at a faster rate on existing production lines, improving production efficiency. In 2025, ASML sold 44 EUV machines at an average selling price as high as €237 million. This year, about half of system sales are used for memory manufacturing (about one third over the past three years). This highlights how critical ASML’s position in memory manufacturing is becoming.
What is ASML’s long-term stock performance?
According to reports, since the Oct. 2024 event when its earnings outlook was weak, the stock has risen about 166%, outperforming the iShares Semiconductor ETF’s 144% gain and the S&P 500’s 29% gain. After ASML released its earnings on July 15, 2026, ASML’s U.S. stock ultimately closed up 2.2%. The above does not constitute investment advice.
