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  • 👉 ASML Holdings Announces $6.3B in New Bookings

👉 ASML Holdings Announces $6.3B in New Bookings

American Express, United Airlines, Jamie Dimon's $1.5T Investment

👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

  • ASML announces $6.3B in new bookings.

  • United Airlines beat expectations due to cost discipline rather than revenue growth.

  • American Express has doubled Platinum cardholder applications since their re-fresh.

Investor Events / Global Affairs:

  • Diving into the implication of OpenAI’s big deals on the AI boom.

  • Hims & Hers expanded into menopause treatments.

  • Jamie Dimon made a $1.5 trillion bet on key American industries.

Economic Updates:

  • Retail sales seem to be slowing.

  • There’s an uncertain path ahead for rate cuts.

Happy Sunday.

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👉 Key Earnings Announcements:

ASML announces $6.3B in new bookings, United Airlines beat expectations due to cost discipline rather than revenue growth, and American Express has doubled Platinum cardholder applications since their re-fresh.

  • ASML Holdings (ASML)

Key Metrics (in euros unless otherwise specified)

Revenue: 7.5 billion, an increase of +1% YoY

Operating Income: 2.5 billion, an increase of +2% YoY

Profits: 2.1 billion, an increase of +2% YoY

Earnings Release Callout

“Our third-quarter total net sales of €7.5 billion and gross margin of 51.6% were in line with our guidance, reflecting a good quarter for ASML. On the market side, we have seen continued positive momentum around investments in AI, and have also seen this extending to more customers, both in leading-edge Logic and advanced DRAM.

On the other hand, we expect China customer demand, and therefore our China total net sales in 2026, to decline significantly compared to our very strong business there in 2024 and 2025.”

My Takeaway

ASML’s earnings reinforced its status as the single most strategically critical supplier in the semiconductor supply chain, even as headline revenue growth remained modest. The real story is in the €5.4 billion in new bookings, largely driven by EUV demand from leading-edge chipmakers building infrastructure for AI, advanced logic, and next-generation memory production. That strong order momentum helped offset investor concerns over flattish near-term revenue and a gross margin slip to 51.6% from the previous quarter’s 53.7%.

Management acknowledged that China orders will decline significantly in 2026 due to regulatory limits, but stressed that non-China demand — especially from U.S., Taiwan, and South Korean fabs — is accelerating as AI infrastructure race spending ramps. This shift matters: ASML is signaling that its growth runway is now anchored more on AI-driven fab expansions rather than traditional smartphone or PC cycles.

The company did temper expectations by saying it does not expect 2026 revenue to fall below 2025 — language that implies plateauing rather than accelerating growth next year, likely due to the China correction and timing of fab ramp schedules.

Adding to the watchlist.

  • United Airlines (UAL)

Key Metrics

Revenue: $15.2 billion, an increase of +3% YoY

Operating Income: $1.5 billion, an increase of +12% YoY

Profits: $965.0 million, an increase of +2% YoY

Earnings Release Callout

“We’ve invested in customers at every price point: Seatback screens, an industry-leading mobile app, extra legroom, a lie-flat United Polaris seat, and fast, free, reliable Starlink on every plane by 2027. Those investments over almost a decade, combined with great service from our people, have allowed United to win and retain brand-loyal customers, leading to economic resilience even with macro economic volatility through the first three quarters of the year and significant upside as the economy and demand are improving in the fourth quarter.”

My Takeaway

While top-line growth was subdued, the company managed to beat expectations thanks to disciplined cost control and growing higher‐margin segments like loyalty and premium cabins.

A key driver of performance was United’s ability to capture premium traveler demand and boost its loyalty program revenue, up 9% year-over-year. At the same time, premium cabin revenue grew around 6%, outpacing basic economy and cargo growth, which signals a favorable mix shift toward more profitable customer segments. United also improved operational reliability—its lowest third-quarter cancellation rate ever and largest mainline schedule helped underpin its margin resilience in a competitive travel environment.

Revenue growth remained modest and the margin expansion was limited, pointing to underlying headwinds such as consumer price sensitivity, cost inflation, and increasing capacity in certain markets. The relatively flat growth suggests that while United is executing well, the overall travel environment remains uneven.

This is why I don’t invest into airline stocks — too many unpredictable variables, such as the economy, fuel prices, weather, and more.

No shares.

  • American Express (AXP)

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