Weiss Multi-Strategy Advisers analyst Jordi Visser says AI buildout is in 'first or second inning,' touts ASML as key semiconductor play

Visser holds 15 to 20 international semiconductor and chemical companies in his AI thematic portfolio, naming ASML Holding, Soitec, Ajinomoto, and Siemens Energy. ASML, the world's dominant supplier of extreme ultraviolet lithography (EUV) machines used to manufacture advanced chips, closed at $1,612.76 on May 29, 2026, up 51.28% year-to-date and 117.59% over one year.

ASML reported Q1 2026 revenue of $10.3 billion, a 53.0% gross margin, and diluted earnings per share of $8.43. Net income increased to roughly $3.25 billion, up from $2.78 billion a year earlier. CEO Christophe Fouquet directly linked the outlook to AI demand, noting that 'demand for chips is outpacing supply' and customers are 'accelerating their capacity expansion plans for 2026 and beyond.'

Visser argues that three commonly cited warning signals—the Buffett indicator, declining savings rate, and market concentration—are being misinterpreted as bearish. He notes that total transfer receipts ran at $5,087.8 billion in Q1 2026, the personal savings rate slid from 6.2% in Q1 2024 to 3.7% in Q1 2026, and the yield curve remains positive with the 10Y-2Y spread at 0.47% on May 29, 2026.

ASML entered 2026 with a backlog exceeding €45 billion and continues to return capital through a €12 billion share repurchase program running through 2028. Export restrictions to China remain a risk factor for future sales.