ASML Lines Up Samsung, TSMC and Intel Behind High-NA While Weighing a 2028 Output Jump

Samsung expands its High-NA EUV partnership with ASML, while JPMorgan analysts say the company is weighing more than 110 EUV systems for 2028.

ASML is assembling the semiconductor industry's biggest names behind its next-generation lithography roadmap at the same time as it studies a significant capacity increase for its most expensive machines. The Dutch equipment maker's shares last changed hands at EUR 1,420.00, sitting 4.9% below their 50-day moving average even as the news flow points to technological momentum rather than setbacks.

Samsung deepens its High-NA commitment

Samsung Electronics and ASML unveiled an expansion of their strategic partnership early in the week, centered on High-NA EUV lithography and advanced semiconductor manufacturing technologies. The Korean chipmaker is also joining an industry initiative for a 12-inch photomask platform and intends to become the first company in the sector to deploy High-NA EUV systems for future DRAM production.

That announcement builds on a broader push that began on September 7, when ASML and TSMC launched an industry-wide effort to accelerate the shift to 12-inch photomasks. The two companies are targeting a pilot line by 2031, which would clear the way for 12-inch High-NA lithography systems in the production of advanced chip nodes by 2033.

Intel Foundry, meanwhile, reported further progress with ASML on deploying High-NA EUV in volume manufacturing, with more than one million wafers now processed using the technology.

Taken together, the cluster of cooperation announcements shows the world's largest chipmakers are tying their manufacturing strategies closely to ASML's technology roadmap — a signal to investors that demand for the company's most expensive and complex systems appears locked in for years to come.

JPMorgan flags a possible step up in EUV output

Separately, Reuters reported that ASML is examining the production of more than 110 EUV lithography systems in 2028, citing JPMorgan analysts who spoke with the company's finance chief. The analysts attributed the potential move to stronger AI-driven demand.

Such an increase would allow ASML to free up considerably more capacity for its priciest and most sophisticated machines. EUV systems are indispensable for manufacturing the most advanced chips, including the AI accelerators at the center of the current spending boom. That ASML is weighing an expansion, according to the JPMorgan team, underscores how forcefully artificial intelligence continues to drive demand for leading-edge semiconductors.

The stock remains roughly 18% below its 52-week high of EUR 1,748.00, reached at the end of June. Even so, the recent uptick in the share price illustrates how sensitively investors respond to signals about future production capacity.

Buyback program keeps running

Alongside the capacity debate, ASML is pressing ahead with its existing share repurchase program. On September 1, the company bought back 75,000 shares at a weighted average price of EUR 1,441.05, for a total of around EUR 108.1 million. Fresh transactions under the program, which runs until October 23, were reported on Monday.

Buybacks of this kind signal that management views its own stock as attractively valued despite the volatility of recent weeks, and they underpin shareholder returns irrespective of short-term market sentiment — though they do not substitute for fundamental news.

Building out Brainport

ASML is expanding its physical footprint as well. Construction of a second major industrial campus in the Brainport region got under way on September 8. The multi-stage project is ultimately set to span roughly 350,000 square meters and offer room for as many as 20,000 jobs. The first phase, the BIC North site, is scheduled for completion in 2029 and will house at least 3,000 employees.

The buildout at the company's home base coincides with the debate over higher production volumes, and both developments point in the same direction: ASML appears to be preparing for a long-term rise in demand for its high-end systems, fueled by the expansion of AI infrastructure among chipmakers worldwide.

Chart still soft despite the headlines

The operational news has not translated into strength on the chart. Over 30 days the stock has shed 5.5%, leaving it 19% below its 52-week high of EUR 1,748.00. On a year-to-date basis, however, the shares are still up 54%, reflecting the long recovery from the lows of September 2025.

The next key date for investors is the quarterly earnings release on October 14. Until then, the alignment of Samsung, TSMC and Intel with High-NA technology is likely to stay in the spotlight. The open question is whether the reviewed capacity expansion actually shows up in higher output for 2028 — if upcoming company statements confirm that course, it would lend further support to ASML's long-term growth story.