ASML's shares fell over 8% due to concerns about tariff uncertainty and a decrease in net sales. CEO Christophe Fouquet noted strong fundamentals for AI customers but highlighted increasing macroeconomic and geopolitical uncertainty, particularly stemming from US tariff policies. Revenue predictions were adjusted downward, contrary to earlier expectations of growth. The situation is complicated by potential tariffs affecting not just direct sales but also parts sent for manufacturing in the US. CFO Roger Dassen emphasized working with the supply chain to mitigate impact, despite easing chip export controls to China being viewed as a positive for demand.
Going into 2026, the fundamentals of our AI customers remain strong and we are still preparing for growth. However, as we discussed last time, the level of uncertainty is increasing, mostly due to macroeconomic and geopolitical considerations. And that includes, of course, tariffs.
We are working with the supply chain and with our customers to at least make sure that the impact for ASML is as limited as possible.
If other regions such as the EU match the US tariffs, this would affect parts or modules coming out of the US.
This unpredictability has overshadowed the recent easing of US chip controls on exports to China that mean Nvidia and AMD will be able to resume sales of some of their GPU accelerators to Chinese customers.
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