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Aletheia Capital upgrades ASML as Samsung and Intel advance logic nodes and memory shifts to 1c

Friday, January 2, 2026 at 12:13 PM

Aletheia Capital has upgraded ASML by two notches, citing increased momentum in the 1c node transition for memory and the activation of advanced logic processes at Samsung and Intel, alongside existing TSMC demand.

Context

Aletheia Capital has issued a two-stage upgrade for ASML, noting that growth is now fueled by a broader recovery beyond TSMC. As of January 2026, Intel has reached high-volume manufacturing for its 18A node, while Samsung is scaling 2nm logic production. This competitive push for sub-2nm leadership is accelerating the adoption of ASML’s lithography tools as manufacturers race to secure capacity for the next generation of AI processors. The industry-wide transition to 1c DRAM is also providing a significant tailwind. Samsung is ramping 1c production to support HBM4 and AI infrastructure, a shift requiring more EUV layers per wafer. With High-NA EUV systems priced at approximately €350 million per unit, ASML is positioned for a major order surge in the second half of 2026. This dual momentum in logic and memory marks a vital expansion phase for the global semiconductor supply chain.

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