Chip-making giant ASML put a damper on its otherwise strong quarterly report, warning that its impressive growth could completely stall in 2026. Despite beating profit and sales expectations, the company pointed to growing economic and political uncertainty as a major concern for the future.
The company’s forecast for the upcoming third quarter also came in lower than analysts had hoped. While ASML still expects solid 15% growth for 2025, it was much more cautious about 2026. CEO Christophe Fouquet said that while the company is preparing for growth, “we cannot confirm it at this stage” due to the uncertain global climate.
This caution comes despite a very successful second quarter. The Dutch tech giant brought in more revenue and profit than expected. More importantly, its net bookings—a key measure of future demand—were strong at €5.5 billion, indicating that customers are still placing numerous orders at present.
ASML holds a critical position in the global tech industry. It is the only company that makes the massive, complex machines (called EUV lithography systems) needed to produce the world’s most advanced computer chips for companies like Apple and Nvidia.
The current boom in artificial intelligence is a huge driver of demand for these machines, and ASML recently shipped one of its next-generation High NA tools, which cost over $400 million each.
