On July 17, ASML fell 3.5% in regular trading, trading near $1,739.53/share, with turnover of approximately $9.77 billion. Despite reporting Q2 results that beat expectations across the board on July 15, the stock is experiencing a classic sell-the-news reaction as investors lock in gains.

ASML's Q2 earnings showed revenue of EUR 9.33 billion, net income of EUR 2.92 billion, and gross margin of 54%, while full-year revenue guidance was raised substantially to EUR 43-45 billion. The company shipped 91 lithography systems in the quarter, up 20% year-over-year, and noted EUV business is expected to grow approximately 45% this year. Multiple investment banks subsequently raised price targets, with Bank of America lifting its target to $2,845 and Bernstein to EUR 2,500.

However, reports emerged that ASML plans to raise prices on both EUV and DUV lithography systems, with DUV increases of approximately 10%. TSMC, its largest customer, has explicitly pushed back against the pricing plans, creating near-term uncertainty. The broader semiconductor equipment sector also traded lower, with Applied Materials down 4.95%, KLA down 3.29%, and Lam Research down 2.95%.

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