Dutch chipmaker ASML Holding (NASDAQ: ASML) reached a market capitalization of $674 billion intraday, making it the most valuable European stock ever recorded.
The milestone eclipses the previous European record set by Novo Nordisk (NYSE: NVO) in June 2024, a company whose fortunes have since reversed sharply.
ASML has surged 62% year-to-date on Euronext Amsterdam, and has climbed 130% over the past twelve months, reflecting sustained and accelerating investor confidence.
Novo Nordisk, which previously held the European valuation crown, has fallen 43% over the same twelve-month period, marking a dramatic reversal for the Danish pharmaceutical giant.
The record-breaking valuation is underpinned by strong fundamental performance, with ASML reporting Q1 2026 total net sales of 8.8 billion and net income of 2.8 billion.
The company posted a gross margin of 53% in the first quarter, demonstrating the pricing power and operational efficiency that has defined its recent trajectory.
CEO Christophe Fouquet stated that customers have been accelerating capacity expansion plans for 2026 and beyond, with demand for chips outpacing supply across the industry.
Order intake remains robust, and ASML raised its full-year 2026 revenue outlook to between 36 and 40 billion, with a gross margin guidance range of 51% to 53%.
The company also repurchased approximately 1.1 billion in shares during Q1 under its 2026-2028 buyback program, signaling management’s confidence in the long-term outlook.
ASML manufactures the extreme ultraviolet lithography machines that are essential for producing the world’s most advanced semiconductors, with no viable alternative supplier currently in existence.
That monopoly-like position makes ASML a structural beneficiary of every AI chip order placed with major foundries including TSMC (NYSE: TSM), Samsung, and Intel (NASDAQ: INTC).
As global AI infrastructure spending continues to scale rapidly, ASML’s order book grows in lockstep, reinforcing the case for its position at the top of European equity markets.
