Market Analysis18 mag 2026·5 min readASML in 2026: Navigating Cyclical Recovery, EUV Demand, and Geopolitical HeadwindsAs the semiconductor equipment cycle turns, ASML enters 2026 with a record backlog, accelerating EUV shipments, and critical questions around China export restrictions and next-generation High-NA adoption. Here is what intermediate investors need to watch.#ASML#semiconductor equipment#EUV lithography