Prof G Markets Inside ASML’s Earnings Beat, Netflix’s Podcasting Move & the Largest Data Center Acquisition Ever
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Oct 16, 2025 
In this fascinating discussion, Andrew Gardiner, Citi's Head of European Technology Equity Research, delves into ASML's earnings and its pivotal role in the semiconductor and AI supply chains. He sheds light on ASML's cautious outlook amidst AI hype and China revenue uncertainties. Meanwhile, Scott Galloway, entrepreneur and media commentator, explores Netflix's strategic pivot into podcasting and its potential to challenge YouTube, speculating how podcasts might soon resemble premium TV content.
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ASML Bookings Signal Improved 2026 Visibility
- ASML's bookings were healthy and showed breadth across memory and logic customers, improving visibility into 2026.
- The company now expects 2026 revenue to be at least flat, signaling regained confidence for 2027 growth.
AI Hype Not Yet Reaching Equipment Orders
- There's a disconnect between hype around AI capex and actual equipment orders lower in the supply chain like ASML's tools.
- If orders don't materialize soon, lead times will make it hard to meet projected chip output for AI workloads.
China Fueled A Large Near-Term Revenue Spike
- China drove a big share of ASML's recent hardware sales, spiking to 42% in the quarter.
- Management expects Chinese revenue to normalize to low-mid 20% over the long term despite near-term strength.