Why Bernstein Sees 2026–27 as “Big Years” for ASML

ASML Holding N.V. (NASDAQ:ASML) is one of the AI Stocks on the Market’s Radar. On January 5, Bernstein upgraded the stock to “Outperform” from Market Perform and raised its price target to €1,300 from €800. The firm sees a slew of positive catalysts ahead for the European semis company.

The firm has chosen ASML as its Top Pick, driven by accelerating memory investment, stronger logic demand and a more attractive valuation backdrop.

“We upgrade ASML to Outperform and make it our top pick in EU semis for 2026.”

Analyst David Dai believes that ASML stands to benefit the most from the recovery in the memory-chip (DRAM) market. He also noted how investors are underestimating the new production that three largest DRAM manufacturers are planning.

Together, the producers are could add as much as 250,000 wafers per month of greenfield capacity in 2026, he noted, while also speeding up the transition to the 1c node and creating demand for ASML equipment.

“This is great for ASML, as litho intensity for 1c is 28% based on our estimates, much higher than previous nodes of 20–24%,” Dai wrote.

There is also a reduced near-term risk from DRAM technology changes.

Advanced logic is seen as another growth driver, with TSMC set to expand 3nm capacity to 180-200,000 wafers per month to address AI demand. Together, these trends position 2026 and 2027 as “big years for EUV and for ASML.”

ASML Holding N.V. (NASDAQ:ASML) develops and sells advanced semiconductor equipment, including lithography, metrology, and inspection systems for chip manufacturing.

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