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Claire Yubin Oh10/15/25

ASML rises after Q3 bookings came in 10% ahead of estimates, offsetting a weak outlook in its China business

ASML shares are up over 4% in European trading on Wednesday after the Dutch semiconductor equipment maker reported 5.4 billion euros ($6.3 billion) in bookings in the third quarter, roughly ~10% ahead of the 4.9 billion euros expected by analysts (Bloomberg consensus estimates).

After striking a much more cautious tone in July, the company’s strong outlook for the remaining year helped reassure investors, despite realized revenues actually coming in a touch light relative to expectations in the quarter.

In Q3, the company has “seen continued positive momentum around investments in AI, and have also seen this extending to more customers,” ASML President and CEO Christophe Fouquet said in the press release. He added, “We do not expect 2026 total net sales to be below 2025.”

Europe’s largest company now expects fourth-quarter sales between 9.2 billion and 9.8 billion euros, with a gross margin of 51% to 53%, finishing the full year with 15% growth in total net sales. The lithography systems maker is also now targeting 60 billion euros of revenue in 2030, up from 28.3 billion euros last year.

The only significant blemish in the report was China. Responsible for ~42% of its net system sales this quarter, revenue from China will “decline significantly compared to our very strong business there in 2024 and 2025,” Fouquet said.

ASML has seen its stock rally nearly 30% this year as the dominant supplier of extreme ultraviolet lithography machines needed to produce sophisticated chips.

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Max Knoblauch6m

American Eagle posts stronger-than-expected Q4 earnings and revenue

If American Eagle has seen farther, it is by standing on the shoulders of Sydney Sweeney.

The jeans seller posted adjusted earnings of $0.84 per share, ahead of the $0.71 expected by analysts polled by FactSet. It booked $1.76 billion in fourth-quarter revenue, versus the $1.74 billion consensus.

Shares initially climbed more than 5% after hours before paring gains to about 2%.

“Compelling new product collections, supported by fresh marketing campaigns, led to higher demand trends in the quarter,” said CEO Jay Schottenstein.

American Eagle said it’s expecting same-store sales to grow by high single digits in the first quarter.

Marketing controversy has proven to be a powerful mover of denim for AE. In its third-quarter earnings call in December, AE said its partnership with Sydney Sweeney — together with a Travis Kelce partnership — had garnered more than 44 billion impressions. The retailer hit meme stock status last July when it initially launched its “Sydney Sweeney has great jeans” campaign.

As of Wednesday’s close, American Eagle shares had climbed 120% since the Sweeney ad first landed.

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The custom chip specialist just reported Q1 results.

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Tasha Matsumoto

Stocks rebound as investors’ risk appetite resumes

Investors shifted their focus from the war in Iran, resuming a risk-on mood amid surprise economic data

Josh Giddey #3 of the Chicago Bulls grabs a rebound during the second half against the Detroit Pistons on October 22, 2025 at the United Center in Chicago, Illinois.

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Investors are itching to buy the dip in memory stocks

The intense drubbing in South Korean stocks, with the benchmark KOSPI falling nearly 20% in its first two trading days of the week following a Monday holiday, represented a serious threat to the hottest AI trade: memory stocks.

South Korea’s market is dominated by two high-bandwidth memory giants: SK Hynix and Samsung.

After Tuesday’s tumble, US investors seemingly said enough is enough: it’s a buy the dip opportunity.

US memory stocks like Micron, Sandisk, Western Digital, and Seagate Technology Holdings are posting massive gains on the day. The advance comes amid positive commentary on demand for memory chips at a Morgan Stanley conference.

Even more interestingly, the iShares MSCI South Korea ETF is up big today despite the KOSPI falling 12% overnight, its largest drop on record. The ETF’s outperformance of the South Korean equity gauge is the largest since 2008, as the financial crisis raged.

The daily performance of these two can differ materially since they trade at different times, and don’t track precisely the same things. US investors are making the bet that a potential break in this momentum trade and the potential for an unwind of retail leverage in South Korean markets be damned, big drops in memory stocks are meant to be bought.

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