Sign in

    Tammy Qiu

    Senior Equity Analyst at Berenberg

    Tammy Qiu is a Senior Equity Analyst at Berenberg, specializing in the technology sector with a focus on companies such as KLA Corporation, Lam Research, and Applied Materials. With an impressive track record, Qiu maintains a five-star analyst rating and has achieved a 61.17% success rate alongside notable average returns and high performance on investment platforms. She began her career covering technology stocks and has established herself at Berenberg as a go-to resource for actionable analysis, consistently issuing high-conviction buy ratings and delivering substantial returns for investors. Qiu holds recognized industry credentials and has earned recognition for her data-driven equity research and sector expertise.

    Tammy Qiu's questions to ASML HOLDING (ASML) leadership

    Tammy Qiu's questions to ASML HOLDING (ASML) leadership • Q2 2025

    Question

    Tammy Qiu from Berenberg asked if higher tool productivity implies that ASML now requires customers to expand capacity more aggressively to drive unit sales. She also sought to clarify if the uncertainty around 2026 reflects a potential delay in customer decisions or a fundamental change in their plans.

    Answer

    President & CEO Christophe Fouquet clarified that ASML's market is defined by total wafer capacity needed, not tool units, and that higher productivity tools deliver more value to customers and better margins for ASML. Regarding 2026, he characterized the situation as customers having more 'interrogation' about their decisions due to geopolitical uncertainty, rather than a confirmed delay or change at this stage, noting that underlying fundamentals like AI remain strong.

    Ask Fintool Equity Research AI

    Tammy Qiu's questions to ASML HOLDING (ASML) leadership • Q4 2024

    Question

    Tammy Qiu inquired about the potential for customers to accelerate High-NA adoption due to performance benefits and asked if Chinese customers were pulling in orders ahead of new restrictions, potentially leading to a faster decline in sales.

    Answer

    CEO Christophe Fouquet explained that while High-NA performance is attractive, adoption also depends on platform maturity, a process that typically takes 12-18 months. CFO Roger Dassen clarified that the normalization of China sales to a low 20% range in 2025 is primarily due to working through a large, previously built-up backlog, not a new pull-in dynamic. He described Q4 order intake from China as 'healthy' but not dramatic.

    Ask Fintool Equity Research AI

    Tammy Qiu's questions to ASML HOLDING (ASML) leadership • Q4 2024

    Question

    Tammy Qiu inquired about the potential for customers to accelerate High-NA adoption due to its cost-saving benefits and asked about the dynamics of China sales, including potential order pull-ins ahead of restrictions and the outlook for 2025.

    Answer

    CEO Christophe Fouquet explained that while High-NA performance is attractive, adoption speed depends on demonstrating platform maturity, a process that typically takes 12-18 months. CFO Roger Dassen stated that the view on China is unchanged, with the high sales in 2023-2024 driven by clearing a large backlog. He expects China to return to a more normalized low-20% share of sales in 2025.

    Ask Fintool Equity Research AI