ASML’s Best Month in Two Decades Puts Earnings in Spotlight

ASML Holding NV faces a potentially tricky earnings test, after the stock rallied 45% in little over a month on hopes that the accelerating buildout in artificial intelligence infrastructure will drive chip equipment orders.

The Dutch chip gear maker became Europe’s most-valuable listed company in September, recording its best monthly performance in two decades. At least four brokers have raised their recommendations over the past two months, turning more bullish after the outlook of ASML’s key customers Intel Corp. and Samsung Electronics Co Ltd. improved.