ASML reported 2025 net sales of 32.7 billion euros, up 15% year over year, with a backlog of 38.8 billion euros. They guided for about 11.6% growth next year. The stock trades at a forward P/E around 40, which is high for a cyclical hardware company with significant capital costs. Broadcom reported Q1 revenue of $19.3 billion, a 29% increase. Their AI revenue specifically grew 106% to $8.4 billion. Management expects to reach $100 billion in AI chip revenue by 2027. Despite the higher growth rate, Broadcom's forward P/E is lower at 29. Broadcom appears to offer a better setup right now. ASML is priced for flawless execution, so any macro softness or fab delays could hurt the stock. Broadcom has risk tied to its reliance on a few large cloud providers, but the current valuation makes more sense.