TL20 up 57% YTD beats Nasdaq; ASML says it's sold out through 2028
TiernanRayTech · x · 2026-10-15
The Technology Letter's TL20 stock portfolio completed its eighth rebalancing (seven names out, seven in), maintaining its bet on a broad semiconductor renaissance. The portfolio is up 57% year to date versus 16% for the Nasdaq and 13% for the S&P 500, while the new TL20 Special Situations index is down 6% since its October 7 inception.
The piece highlights ASML: despite Q3 revenue of €11.7B slightly missing estimates, the company raised its full-year outlook, and management said capacity is sold out through 2028 with customers requesting orders for 2029 and even 2030 — the binding constraint being supply. AI-linked names otherwise fell amid uncertainty over massive infrastructure spending plans.
Related event: TL20 Portfolio Rebases on Semiconductor Revival, Up 57% This Year(2 posts)→
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