Intel underestimates the importance of exposure machines to semiconductors, and reduces the ASML target price

At the end of 2023, ASML, a large-scale exposure machine manufacturer, went to Intel's first High-NA EUV exposure machine, with the model TWINSCAN EXE:5000. It is generally believed in the industry that High-NA EUV will play a key role in advanced chip development and next-generation processor production. However, there have been changes recently, and all crystalline foundry manufacturers are reducing the investment in High-NA EUV and delaying the introduction time. Especially the statement made by Intel, directors, have given the market more questions about the prospects of High-NA EUV.

Wccftech reports that recently, an investment institution has lowered the ASML target price, falling from 795 euros to 759 euros, representing a decrease of about 5% per share, as demand for the High-NA EUV market has slowed down, while lowering ASML 2026 and 2027 revenue estimates. However, ASML stock investment evaluation has not changed and is still "buyed".

According to Director Intel, who was unwilling to be named, new transistor designs such as GAAFETs and CFETs can reduce the importance of exposure machines. These designs are designed to wrap the slab from all sides, and they tend to remove excess material by etching instead of increasing the wafer exposure time to reduce the circuit size. The importance of direction is increasing during chip production, and the importance of High-NA EUV is less important.

Long-term perspective, the wave of artificial intelligence (AI) has driven the development of chips, and investment institutions' long-term demand for ASML products remains optimistic. As chips generally adopt the latest semiconductor processes, the market's demand for exposure equipment is still on the rise. ASML announced its second quarter financial report for 2025 on July 16. You can understand the situation and future changes in the revenue, and understand the future global exposure market outlook.