Following our recent publication of April 16, 2026 on ASML, Besi and ASMI, the Dutch chip sector remains buoyant. In the past month, the sector came out with important updates, strong quarterly figures and positive analyst reactions. The common thread is clear: artificial intelligence, data centers, advanced packaging and increasingly sophisticated chip production remain the key growth engines.
Read the April 16, 2026 article "ASML, Besi and ASMI update: from record highs to new entry points" HERE.
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ASML: higher expectations but price target lowered.
ASML expects the first chips produced with its new High NA EUV machines within a few months. This technology is important for the next generation of advanced chips. ASML also announced a collaboration with Tata Electronics to build a new chip factory in India. At the same time, geopolitics remains a concern, especially with possible stricter export regulations towards China.
International analysts remain predominantly positive. Recent price targets are mostly between about €1,500 and €1,700. Among others, Goldman Sachs, Bank of America, Bernstein, UBS and Barclays came with positive or increased expectations.
Our model has adjusted the most likely scenario for the next 12 months. The correction is expected to go shallower than first indicated. The price may return to the zone around €1,150. The price target for the coming year has been adjusted from €1,700 to €1,525.
Besi: hybrid bonding remains the big growth driver
Besi came out with very strong quarterly figures. Orders rose to €269.7 million, more than double from a year earlier. Revenue came in at €184.9 million and net profit rose to €51.6 million. Demand for hybrid bonding, AI applications, high end mobile and data centers remains particularly strong.
For the second quarter, Besi expects revenue growth of 30% to 40% over the first quarter. This suggests that demand for advanced packaging will continue for the foreseeable future. Hybrid bonding remains the most important growth factor here, as this technology may become essential for faster and more efficient AI chips.
ASMI: high margins and strong position in AI chip production. Strongly increased price target.
ASMi also showed strong numbers. Revenue came in at €863 million, at the top end of expectations. Gross margin was 53.3% and adjusted operating margin reached a record 33.1%. Growth was mainly driven by advanced logic, foundry and AI-related applications.
For the second quarter, ASMI expects revenue of approximately €980 million. The company also indicates that the second half of 2026 should be stronger than the first half. Demand for ALD technology, advanced chip structures and memory applications remains important in this regard.
Analysts remain positive about ASMI, although the spread in price targets is wider than at ASML. Recent price targets include between €1,000 and €1,050 from several international banks. At the same time, there are also more cautious analysts, which is mainly due to the stock's solid valuation.
ASMi recently exceeded the 12-month price target we previously set. Our model has therefore calculated a new scenario for the coming year. In it, ASMi's share price may correct about 10% to 15% from the record low of €906. This could be the prelude to another upward move with a price target of €1,050.
Conclusion
ASML, Besi and ASMI remain strongly positioned within the global chip sector. ASML benefits from EUV and High-NA technology, Besi from hybrid bonding and advanced packaging, and ASMi from ALD and advanced chip manufacturing. The structural growth trend remains positive, mainly due to AI and data centers. At the same time, valuation, geopolitics and the pace of new investments are important factors to keep a close eye on in the coming months.
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