“Insane Demand”? ASML Pukes After Dismal Third Quarter Results, Forecast Slashed 

ASML Holding (ASML) shares plunged Tuesday morning after third-quarter bookings missed average analyst estimates and forecasts were slashed. Nasdaq puked on this news as the whole AI ‘insane demand’ narrative unravels.  

The Dutch company that makes the chip-making machines used by major players in the semiconductor industry reported dismal third results. 

Here’s the breakdown (courtesy of Bloomberg):  

• Bookings EU2.63 billion, -53% q/q, estimate EU5.39 billion (Bloomberg Consensus)
• Net sales EU7.47 billion, +20% q/q, estimate EU7.17 billion
• Gross margin 50.8% vs. 51.5% q/q, estimate 50.7%
• Net income EU2.08 billion, +32% q/q, estimate EU1.91 billion
• Cash and other EU4.99 billion, -0.7% q/q, estimate EU4.86 billion

ASML slashed 2025 net sales and gross margin guidance as demand for AI wanes. 

Fourth quarter forecast:

• Sees net sales EU8.8 billion to EU9.2 billion, estimate EU8.95 billion
• Sees gross margin 49% to 50%, estimate 50.5%

2025 forecast: 

• Sees net sales EU28 billion, estimate EU27.71 billion 2025 YEAR FORECAST
• Sees gross margin 51% to 53%, saw about 54% to 56%, estimate 53.9%
• Sees net sales EU30 billion to EU35 billion, saw about EU30 billion to EU40 billion, estimate EU35.94 billion

ASML shares were hammered in NY, down -16%. 

Nasdaq puked as well. 

*Developing…