UBS published a research report on Dutch semiconductor-equipment maker ASML Holdings, raising its price target to €2,350 and reaffirming a positive rating, the firm said in a note dated Aug. 31, 2026.
The Swiss bank identified ASML as offering the most attractive risk/reward ratio among European semiconductor equities.
UBS' upgrade comes as artificial-intelligence demand continues to reshape the equipment maker's market. Data centers built for AI workloads now require gigawatts of power — comparable to several modern nuclear reactors — intensifying competition for electricity among hyperscalers locking in long-term supply contracts.
The energy bottleneck adds a secondary tailwind thesis for chipmakers and their equipment suppliers, who stand to benefit if rising data-center power needs accelerate the pace of semiconductor investment globally. Power-grid expansion and generation capacity have struggled to keep pace with demand, while geopolitical risks around the Strait of Hormus and the Iran conflict further constrain energy supply outlooks.
For power companies and their suppliers, the combination of sustained demand growth, long-term off-take agreements and elevated electricity prices could create a favorable environment — one UBS says is beginning to favor selected energy-sector names as the next major trade linked to the AI boom.
