Besi Chief Pushes Back on ASML Rivalry Talk as Delivery Constraints Take Centre Stage
Published on 10/25/2026 at 14:11 | Editorial boerse-global.de
BE Semiconductor Industries does not regard ASML as a hybrid-bonding competitor, according to remarks attributed to Besi chief executive Richard Blickman on Thursday. The two companies are instead working together to sharpen precision in chip placement, he said, according to media reports. That framing puts cooperation front and centre — and it is a description of the relationship from Besi's side, not an announcement of a new ASML product. Reports of a rival ASML tool remain unconfirmed by the company, so investors should not read a fresh revenue stream into Blickman's comments.
The distinction matters. His statement pushes back on the idea that Besi already treats ASML as a direct hybrid-bonding rival, but it is not enough on its own to settle the question of whether ASML is developing its own tool. The firm takeaway is narrower: Besi stresses joint work on placement accuracy and says it does not see ASML as a competitor. Any potential new activity should therefore be kept separate from ASML's reported results — technical collaboration and a confirmed product offensive are two different things.
A warning from Lam shifts the focus to supply
On the same day, a warning from Lam Research pushed capacity risk back to the top of the agenda for ASML. Lam said its revenue guidance for the December quarter would have been higher were it not for short-term supply-chain problems, according to media reports. ASML came under pressure alongside other semiconductor equipment makers. For investors, the message is that demand is not the only variable in play — the ability of manufacturers to actually deliver is just as important.
Lam's statement is not a new forecast from ASML. It does, however, touch on a point the Dutch company has already made itself: planned delivery capacity is not sufficient to meet expected customer demand in full. Strong demand does not automatically translate into revenue within the desired timeframe.
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ASML said roughly two weeks ago that its planned supply would not fully cover customer needs in 2027 and 2028. It is therefore examining additional capacity beyond the previously communicated 30% increase for 2028. The key word is examining. Extra capacity could ease the bottleneck, but ASML has not presented it as a decided expansion. Lam's warning underlines why investors should weigh deliverability alongside order intake.
Solid numbers, demanding outlook
The figures published about two weeks ago show the scale of the business. In the third quarter of 2026, ASML booked revenue of EUR 11.7 billion and a gross margin of 57.5%. Net profit for the quarter came in at EUR 5.0 billion.
Those results do not contradict the capacity concerns — they describe business already booked. The bottleneck debate is about how quickly ASML can serve the rest of its customers' needs. For the fourth quarter of 2026, the company guided to revenue of between EUR 14.2 billion and EUR 15.2 billion. That range is a forecast, not revenue already earned, just as long-term purchase intentions are not the same as shipped tools: Reuters reported that customers are already planning orders out to the end of the decade.
Two risks pulling in opposite directions
Reuters reported on 15 October that, following the results, investors were questioning not only demand but the pace of possible capacity expansion. Doubts about the returns on artificial intelligence investments and about lofty long-term expectations added to the mix.
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Two risks therefore weigh on the valuation at once. ASML may not be able to serve existing demand quickly enough, while the high expectations placed on customers' investments could yet prove too ambitious. Lam's update tilts attention toward the supply side, but it does not remove doubts about the durability of demand. What matters is not only how much customers want to order, but what ASML can actually deliver.
Blickman's comments add a layer of collaboration to that picture — not a confirmed new competitor, and not a revenue driver. For shareholders, the decisive question remains how ASML converts strong demand into shipments. Reports of additional products deserve more weight only once they become a confirmed company announcement.
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