ASML Q3 net sales €11.66B, missing €11.7B estimate; net profit €4.96B beats

The split here matters more than the headline: a marginal revenue miss paired with a large profit beat points to margin or mix rather than demand collapse, which is a meaningfully different signal for a company whose order book is read as a proxy for fab capex. For RWA and tokenization watchers, ASML is not a direct exposure, but it is a bellwether for the semiconductor supply chain that underpins most real-world asset infrastructure. The open question is whether the revenue shortfall reflects timing of tool deliveries or softening demand — the profit line alone does not settle it.