ASM International Key Takeaways From Virtual Fireside

ASM International management expressed confidence in long-term AI-driven growth and 1.4nm node adoption during a virtual fireside chat. Goldman Sachs reiterates its Buy rating with a €895 price target, citing margin expansion potential and robust visibility into 2026/27.

Key Takeaways

• 1.Leading-edge logic and memory demand are being bolstered by structural AI drivers, with a specific recent acceleration in CPU demand for Agentic AI workloads.
• 2.The company continues to see strong traction for the 1.4nm node, with pilot line deliveries expected in 2H26 and increased ALD/Epi intensity.
• 3.Demand in China remains robust but is front-end loaded in 2026, leading to a cautious stance on the second half due to limited visibility and geopolitics.

Table of Contents

• Valuation and Key risks
• GS Forecast
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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