Apr. 23 at 8:01 PM
$TSM just signaled it may delay adoption of ASML’s High-NA EUV tools (~
$400M per machine), and the market immediately repriced
$ASML with a ~
$17B wipeout in a single session.
From a trading lens, this is less about a “broken thesis” and more about capex efficiency vs bleeding-edge adoption timing. TSM is effectively saying it can extend current EUV nodes, protect >56% gross margins, and still push into 1.6nm-era performance using chip stacking and advanced packaging.
$ASML still sits on a strong long-term demand cycle driven by global fab expansion, but near-term sentiment shock and customer timing risk are clearly in play.
