Europe Equity Research 09 October 2024 J P M O R G A N ASML Market too bearish as ASML will likely grow close to 25% in '25 and double-digit % in '26 The investor base has suddenly gotten very bearish on ASML through the summer. Clearly there are some reasons for this, namely the Intel capex cut; the slow recovery of the consumer semi market; and worries about China restrictions on semicap companies. In this note, we argue that the long-term bear thesis on ASML is overstated and in fact 1) Litho intensity i ...