Global Market: ASML's AI-fuelled rally raises prospects of becoming Europe's first trillion-dollar company

ASML's shares have climbed about 60% in 2025, pushing its market cap near $700 billion, after stronger-than-expected Q2 earnings reinforced confidence in its dominant position in advanced chipmaking equipment. Brokerages including Barclays, Susquehanna and Bernstein have raised 12-month price targets above $2,600, a level corresponding to roughly $1 trillion in market value, making ASML a potential candidate to become Europe's first trillion-dollar company. Risks include potential US restrictions on China sales, AI capex slowdown, and execution challenges in scaling production.