ASM International NV

ASM: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Maintaining Fair Value Estimates Across European Semiconductors on DeepSeek News

Javier Correonero

Jan 27, 2025

European semiconductor shares with AI exposure—including ASML, ASM, BE Semiconductor, and Arm—dropped in the 7% to 10% range following news from DeepSeek’s AI models, which have raised questions about the true cost of AI model training and inference. We are maintaining our fair value estimates for these firms, as this announcement could have a mixed effect, but our base case so far still assumes healthy AI demand in the long term.

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ASM International NV

Maintaining Fair Value Estimates Across European Semiconductors on DeepSeek News

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