ASML Stocks Fall 4.8% as Besi Clarifies the Hybrid-Bonding Bound

Besi's chief executive described cooperation with ASML, while lithography demand already exceeds planned future supply. 10/22/2026 12:26 Summary ASML’s existing delivery challenge provides a firmer valuation benchmark than an unconfirmed expansion opportunity. Lithography equipment supplier ASML ASML received some clarity on a potential expansion market as its U.S.-listed shares traded at $1,595.50, down approximately 4.84%, 12 p.m.

ET Thursday. According to Reuters, Besi's chief executive views ASML as a collaborator rather than a hybrid-bonding competitor. That puts a brake on the competitive speculation.

ASML has not confirmed a competing bonding tool. The bigger test sits inside its existing business. Reuters reported third-quarter sales of €11.662 billion, a 57.5% gross margin and fourth-quarter sales guidance of €14.2 billion to €15.2 billion.

The midpoint demands roughly 26.1% sequential growth. Management also expects planned supply to trail customer requirements in 2027 and 2028. Demand provides the opportunity.

Shipping enough equipment profitably determines how much of it reaches earnings. The valuation leaves little room for delivery slips. The shares sit 18.32% above the indicated GF Value estimate of roughly $1,350, suggesting investors already pay a premium for future growth.

That estimate is a valuation reference, not a price ceiling. Still, the immediate investment case needs execution: system shipments, productivity-upgrade revenue and margins as capacity expands. A possible bonding business can wait.

The next quarter's sales target cannot. Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours. Click for the complete disclosure