ASML Holding N.V. (NASDAQ: ASML) is planning to increase production of its extreme-ultraviolet (EUV) chip-printing machines to over 110 units in 2028, according to a report from JPMorgan. The Dutch company’s shares fell 5.2% on Monday following a broader sell-off in chip stocks, triggered by a proposal from Anthropic CEO Dario Amodei urging the industry to slow the pace of frontier AI capability gains. Sam Altman and Elon Musk also supported the proposal.
JPMorgan analysts stated that ASML’s main constraint is now assembly speed rather than its supply chain. The bank noted that most new EUV orders are for machines scheduled for delivery in 2028. ASML previously indicated that its 2026 low-NA EUV capacity is around 65 machines. The company plans to increase this capacity by 30% in 2027 and is examining a further 30% increase for 2028.
ASML is already nearly sold out for 2027, with a capacity of at least 80 machines. JPMorgan expects Intel Corp. (NASDAQ: INTC) to become a “meaningful customer again” in 2027. Additionally, Elon Musk’s planned Terafab is described as “developing” as a customer. ASML makes the only commercial EUV lithography machines, which cost roughly $200 million each, and is essential for producing advanced processors used by companies like Nvidia Corp. (NASDAQ: NVDA) and foundries such as Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) and Samsung Electronics.
