Why ASML Stock Jumped 86% in the First Half of 2026

ASML stock surged 87% in the first half of 2026, powered by accelerating AI infrastructure spending and rising demand for the company's extreme ultraviolet lithography machines. The Dutch semiconductor equipment maker outpaced the broader chip rally as customers ramped capital expenditures to support artificial intelligence workloads.

The rally gained momentum from multiple tailwinds: recovering memory chip pricing, analyst upgrades throughout the period, and a 17% dividend increase that signaled management confidence. ASML delivered guidance strong enough to justify the run, though shares pulled back briefly after earnings reports before regaining momentum in May and June as AI capex trends intensified across the sector.

The EUV lithography machines ASML produces remain critical bottleneck technology for advanced chip manufacturing, giving the company pricing power as foundries and memory makers expand capacity. The first-half performance puts ASML among the top semiconductor equipment gainers for the period, reflecting its position as a key enabler of next-generation AI chip production.