1. ASML maintains a Hold rating due to its strong fundamentals, cash generation, and dominance in advanced lithography for AI-driven chip demand; 2. The company benefits from pricing power and strategic positioning but faces risks from geopolitical tensions and potential competition, particularly from China; 3. While momentum and cash flow are robust, growth trails AI peers, and current valuations reflect both solid fundamentals and AI-driven market optimism.

➀ The WSTS forecasts a 19% growth in the semiconductor market for 2024, primarily driven by a 81% growth in the memory segment; ➁ Companies in the automotive and industrial sectors are experiencing revenue declines; ➂ Nvidia's revenue grew 135% due to AI processors, while memory companies reported substantial revenue gains.

➀ WSTS报告2024年第三季度半导体市场增长1660亿美元，同比增长10.7%；➁ 英伟达因AI GPU的强劲表现成为最大半导体公司；➂ 2024年第四季度展望显示数据中心市场将推动Nvidia、美光和AMD的收入增长；➃ 2025年展望显示AI将推动服务器增长，但增速将放缓。

➀ The global GPU market is projected to reach nearly $100 billion by the end of the year; ➁ GPUs are becoming increasingly prevalent in various sectors, driven by the AI boom and high demand for NVIDIA GPUs; ➂ NVIDIA's GPU sales could top $90 billion, with AMD's AI GPU sales expected to reach $3 billion.

➀ AI is driving significant growth in the semiconductor industry; ➁ The AI IC market is expected to reach $110 billion in 2024; ➂ NVIDIA leads the AI IC market with a projected revenue of $96 billion.