What to expect from Europe’s most valuable company before it kicks off tech earnings

ASML is set to report third-quarter results before the opening bell in Amsterdam on Wednesday, marking the unofficial start of Europe's tech earnings season. As the region's most valuable listed company, ASML occupies a pivotal position in the global semiconductor supply chain: it is the sole supplier of extreme ultraviolet lithography machines, the equipment required to manufacture the most advanced chips. That makes its order book and guidance a closely watched barometer of demand across the chip industry.

For investors, the key question is whether the company's order intake and outlook point to a sustained recovery in semiconductor capital spending. ASML's results often set the tone for other chip equipment makers and, more broadly, for technology shares in Europe and beyond. Its commentary on customer demand — particularly from leading foundries and memory manufacturers — can move sentiment across the sector.

What to watch: bookings, gross margin, and any revision to full-year guidance. Because ASML sits at the very start of the chipmaking process, its numbers tend to arrive ahead of broader industry trends, giving markets an early read on where semiconductor demand may be heading.