ASML Q3 net sales hit record €11.66B, up 55% YoY; EPS €12.95 beats

The headline beat is flattered by a one-off valuation gain on the Mistral AI stake, so the more telling signal is the demand commentary: capacity constraints running into 2027 and 2028, with bookings already stretching to 2029 and 2030. That is an unusually long visibility horizon for semiconductor equipment, and it implies customers are planning capacity well beyond a normal cycle. The ADR decline despite the beat suggests expectations were already elevated. Whether that long-dated booking interest converts into firm orders is the open question.