According to CNBC, PitchBook said Dutch semiconductor equipment maker ASML is the leading European contender to join the $1 trillion valuation club first, with the company potentially reaching that level between 2028 and 2031. PitchBook said ASML's market capitalization was $257.9 billion in 2025, up 2.6 times in 17 months and growing 30.1% annually between June 2020 and June 2026. Nalin Patel, director of EMEA Private Capital Research at PitchBook, said ASML has been on a strong run in recent quarters. The firm said Europe still lacks a $1 trillion company, citing capital markets fragmentation, regulation and a sector mix tilted away from technology as obstacles. It said only four European companies had revenue above $100 billion in the 12 months to Aug. 20, compared with 14 in the global top 20. PitchBook said Arm is ASML's biggest rival for the milestone, while Novo Nordisk and LVMH have both previously been Europe's most valuable company but have since fallen in value.