ASML Printed No Bookings Line — Amsterdam Paid Up for the Capacity Instead

Signal week, day three — companion to this morning's Morning 10, written as the European session digests the print and before New York opens.

The print: a beat with a hole where the metric used to be

ASML's Q2 cleared its own bar on every line: €9.3 billion in net sales against the €8.4–9.0 billion the company had guided, gross margin of 54.0% against 51–52% guided, EPS of €7.59. The Q3 guide steps up to €11.0–12.0 billion, and the full-year range sits at €43–45 billion. What the release did not contain — for the second consecutive quarter — is a net-bookings figure, the number this diary had flagged as the memory-capex referee. In its place: management language that order intake remained extremely strong through the first half, and one very physical commitment — a plan to add 30% to this year's low-NA EUV capacity of around 65 systems for 2027.