On May 22, ASML rose 3.19% in regular trading, trading at $1,646.47 per share, with trading volume of $15.3 billion. The rally was driven by a major Wall Street upgrade and continued momentum from bullish industry commentary by the company's CEO.

UBS recently restored ASML as its top pick in the global semiconductor sector, raising its target price significantly from 1,600 EUR to 1,900 EUR — the highest on the Street — implying nearly 50% upside. UBS cited a tightening industry environment that will extend the capital investment cycle through 2028, noting ASML's forward P/E of 26x for 2027 remains below historical averages with earnings growth likely to exceed expectations.

The upgrade followed remarks by CEO Christophe Fouquet, who warned that AI-driven demand is outpacing industry production capacity, leaving the global semiconductor market in a prolonged supply-constrained state. Fouquet projected the market could reach $1.5 trillion by 2030, with demand from AI, satellites, and robotics creating sporadic bottlenecks across the supply chain. He also indicated that first chips produced using ASML's next-generation High-NA EUV lithography systems are expected within months.

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