Tech stocks are soaring again today in a repeat of last Wednesday's action, only instead of a stellar outlook from Taiwan Semi which was the catalyst for last week's tech reversal, today it was Dutch chip giant ASML - Europe’s most valuable technology company said in a statement on Wednesday - which sparked the buying frenzy. And on the surface, the results were stellar: according to its earnings release this morning, ASML Holding NV said orders more than tripled last quarter from the previous three months, as the order backlog rose to a record €9.19 billion ($9.98 billion) in the fourth quarter from €2.6 billion in July to September, driven by demand for its most sophisticated machines which use deep-ultraviolet lithography (EUV) needed to make the most sophisticated semiconductors, where orders hit a record €5.6 billion.
The surging backlog reversed a trend of 4 quarters in declines, meanwhile the historical orderbook led to a surge in sales which rose 30% YoY to €27.6 billion in 2023, the company said.
