Süss MicroTec Catches Tailwind as ASML’s Outlook and Record Backlog Rekindle Confidence

Süss MicroTec’s order book has swelled to €330.1 million, powered by a near-70% surge in first-quarter bookings to €149.3 million, as semiconductor customers race to expand capacity for artificial intelligence applications. The microstructuring specialist is riding a global investment wave that has also lifted the fortunes of its much larger peer ASML, whose latest quarterly results and upgraded full-year forecast have bolstered the case for the entire chip-equipment supply chain.

ASML smashed analyst estimates with second-quarter revenue of €9.3 billion and net profit of €2.9 billion, against consensus forecasts of €8.8 billion and €2.6 billion respectively. More importantly, the Dutch lithography giant raised its 2026 revenue guidance to a range of €43 billion to €45 billion, from an earlier projection of €36 billion to €40 billion. The upgrade reflects sustained AI-driven demand that is prompting customers to accelerate capacity additions. ASML plans to boost extreme ultraviolet (EUV) lithography system capacity by 30% in 2027 and is evaluating a further 30% increase for 2028.

The reaction among analysts has been mixed. Jefferies’ Menon described the upward revision as clear but criticised the 2027 capacity expansion for standard EUV systems as falling short of expectations, keeping a “Hold” rating with a €1,560 price target. By contrast, JPMorgan’s Deshpande argued the 2027 and 2028 capacity plans exceed prior estimates, while Bernstein reiterated “Outperform” with a €2,300 target, citing improved visibility. Goldman Sachs maintained a “Buy” rating at €2,000, and Barclays struck an enthusiastic tone.

Should investors sell immediately? Or is it worth buying Süss MicroTec?

Against this backdrop, Süss MicroTec shares have been volatile. After hitting a 52-week high of €118.40 in late June, the stock corrected sharply, before staging a rebound that brought it back above the psychologically important €85 mark this week. The rally has been supported by the record backlog and the positive read-across from ASML’s upgrade. Technically, the stock is now testing its 50-day moving average at €90.97, and the 14-day Relative Strength Index stands at 48.8, suggesting further upside could be possible without entering overbought territory.

On the day of ASML’s announcement, Süss MicroTec initially gained nearly 5% on Tradegate before reversing to close at €81.00, a decline of 7.4% from the previous session. That pullback underscores the near-term uncertainty, but the longer-term picture remains compelling. The shares have still returned just over 98% since the start of the year, and the 200-day moving average at €57.58 sits well below current levels, confirming the underlying uptrend.

With the second-quarter results due in August, investors now have two powerful catalysts to watch: the momentum from ASML’s raised guidance and the tangible evidence of Süss MicroTec’s own swelling order book. The question is whether the stock can reclaim its June high within that timeframe.

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