ASML hit a 52-week high after Intel said its upgraded 18A-P process has moved into pilot production, with volume manufacturing expected to start within six to 12 months. The move is a small manufacturing milestone on paper, but for ASML it signals something bigger: if Intel can turn advanced process talk into real chip output, demand for EUV tools should follow.
Shares of ASML rose 6.2% to $1915, touching $1917.63 at the peak, while Intel rebounded 2.65% to $120.15 after dropping 8.45% in the prior session. Intel still has work to do in proving that its foundry ambitions can move from demos to paying customers, and investors know it-the company’s manufacturing division posted an operating loss of $2.4 billion in the first quarter of 2026.
What Intel says 18A-P improves
Intel describes 18A-P as an enhanced version of its flagship 18A process. The company says the new node can deliver 9% more performance at the same power, or cut power use by 18% at equal performance, while also improving heat dissipation by 20% to 40%.
- 9% higher performance at the same power
- 18% lower power at the same performance
- 20% to 40% better heat dissipation
- Compatibility with existing 18A chip designs
That compatibility matters because it lowers the barrier for customers already evaluating 18A. Intel says existing designs can move from 18A to 18A-P without changes, which is the kind of promise foundry customers like to hear and verify later.
Why ASML keeps reacting to Intel
ASML is the only company that makes EUV lithography production equipment, so it often serves as a crude but useful proxy for advanced chip manufacturing momentum. When Intel ramps production, the logic goes, tool demand rises too, which is why ASML can rally on Intel process news even before a single big customer contract is announced.
The market is clearly rewarding progress rather than profits for now. Intel’s shares have risen 456% from their 52-week low of $18.97 over the past year, while ASML is up 151% from its own low of $638.48.
The earnings calendar is now doing the heavy lifting
Intel reported first-quarter earnings per share of $0.02 on revenue of $13.58 billion, matching EPS expectations and beating revenue forecasts of $12.41 billion. The stock jumped 26.46% in a single session after that report, which tells you how desperate investors are for signs that the turnaround story is real.
ASML reports second-quarter results on July 15, with analysts expecting EPS of $8.06 on revenue of about $10.45 billion. Over the last 90 days, estimates have been revised higher nine times and not lowered once, which is a pretty neat little show of confidence.
Intel reports second-quarter results on July 23, and that will be the next real test. If 18A-P is more than a polished slide deck, the company should start showing whether the process can pull in customers at scale and whether those manufacturing losses can finally stop widening.