Europe's technological leader strengthens its position thanks to artificial intelligence

Although the AI ​​race seems dominated by American giants today, Europe also has its champions, without whom the development of this technology would be impossible. One of them is the Dutch company ASML, a manufacturer of lithography machines that create cutting-edge chips. These systems form the basis of AI algorithms and data centers around the world..

As Silicon Valley companies invest billions in the development of advanced artificial intelligence systems, ASML provides them with the tools necessary to build the infrastructure of this new, digital economy. The company is now the most valuable publicly traded company in Europe, with a market capitalization of $390 billion, ahead of Germany's SAP, France's LVMH, and Denmark's Novo NordiskIn the third quarter of 2025, it achieved revenues of €7,5 billion, and its forecasts for the coming months remain equally promising.

Global AI investment rush

ASML achieved revenues of €7,5 billion in the third quarter of this year and expects €9,5 billion in the fourth quarter, which means that for the whole of 2025 revenues will amount to around €32,5 billion – 15% more than in 2024. This is another very good year for one of the European leaders in artificial intelligence, whose position is strengthened by the growing demand for technologies supporting the development of AI.The value of new orders in the third quarter increased by €5,4 billion, of which €3,6 billion were for extreme ultraviolet (EUV) lithography machines – a key technology in which ASML has invested billions of euros. Larger orders in this segment were recorded only in the fourth quarter of 2023, when they amounted to €5,6 billion.

Today, the company plays a central role in the global economy powered by artificial intelligence, producing the world's most advanced lithography machines used to create modern chips, which are the foundation of all computing systems. Its EUV technology enables the production of increasingly smaller and more efficient processors that power AI algorithms, data centers, and smartphones.As a result, ASML has become one of the main beneficiaries of the global AI investment rush, providing not only solutions AI, but the equipment without which their development would be impossible. As a European leader in an industry dominated by American technology companies, ASML proves that key innovations can also arise on this side of the Atlantic.

Possible new export restrictions

ASML CEO Christophe Fouquet remained cautious in his forecasts for 2026, avoiding even the word "growth" to avoid repeating the market reaction from the previous quarter. He only announced that revenues would not be lower than in 2025. This caution stems from possible new export restrictions, particularly towards China, which already accounts for 42% of the company's revenues and is seeking to become independent in chip production. The market still assumes that the latest escalation in the US-China trade war is temporary, as both economies remain interdependent.ASML maintained its long-term revenue forecast of €44-60 billion annually by 2030. This represents average annual growth of 7-13 percent, or an average of around 10 percent annually.

According to data from consulting firm McKinsey, global investment in data centers could reach nearly $7 trillion by 2030. More than $4 trillion of this amount will be allocated to computing equipment, with over 40% of this spending expected to occur in the United States. Analyses indicate that the global demand for computing power in data centers could more than triple by the end of the decade – with a compound annual growth rate (CAGR) of around 22 percent.In the US, this growth could reach as much as 20–25% annually. While most attention is currently focused on artificial intelligence, with demand driven by generative AI models estimated to account for around 40% of the overall growth, it is not the only factor. The continued development of cloud services and subscription-based software, the digitization of public services, and the accelerating adoption of 5G and the Internet of Things are further increasing demand for modern technologies.

If all announced investments in data centers, artificial intelligence, and chips are realized, ASML's EUV technology will play a key role. Achieving the upper end of current forecasts would require either an easing of export restrictions or the introduction of further innovative solutions by ASML.

About the author

Pawel Majtkowski - analyst eToro on the Polish market, which shares its weekly commentary on the latest stock market information. Paweł is a recognized expert on financial markets with extensive experience as an analyst in financial institutions. He is also one of the most cited experts in the field of economy and financial markets in Poland. He graduated from law studies at the University of Warsaw. He is also the author of many publications in the field of investing, personal finance and economy.