ASML & The AI Lithography Cascade

ASML’s Q1 2026 landed with a guidance raise to €36–40 billion, memory customers sold out for 2026, logic ramping to 2 nm for AI products, and the unit plan moving from 60 Low NA EUV scanners this year to 80 next year. Read structurally, the quarter tells a single story: AI’s bottleneck has a postal code in Veldhoven — and its shadow falls across every layer above it.