ASML Q3 net sales hit record €11.7B, gross margin 57.5%

The signal here is less the record quarter than the demand language: customers are planning capacity well beyond near-term needs, which points to multi-year commitments rather than a cyclical spike. That distinction matters for the wider semiconductor supply chain, since ASML's order book feeds capex expectations across fab construction and advanced packaging. The open question is whether pricing power holds as capacity bottlenecks ease, or whether the current margin level proves to be a peak rather than a plateau.