“ASML Foresees Growth in 2026 Amid Ongoing US-China Tensions, Says CEO”
Christophe Fouquet, CEO of ASML, the world’s leading supplier of semiconductor manufacturing equipment, announced that the company anticipates a growth rebound in 2026, despite a subdued outlook for 2025. Speaking at a Bloomberg technology conference in London, Fouquet also commented on the ongoing geopolitical tensions between the U.S. and China, predicting that export restrictions will persist, regardless of the political landscape in the United States.
Fouquet's statement came after ASML issued a warning last week about slowing growth in 2025, driven by weakness in electronics markets outside of AI-related chips. Despite the anticipated slowdown, ASML still projects overall sales growth next year, albeit at a reduced pace. Fouquet was cautiously optimistic, stating, “We also expect 2026 to be a growth year, but it’s too early to quantify that with very high accuracy.”
Following his comments, ASML’s shares rose 1.8% to 668.60 euros, reflecting investor confidence in the company’s long-term prospects. A major part of ASML’s business comes from its largest customer, Taiwan’s TSMC, which produces chips for tech giants like Nvidia and is currently expanding its production capabilities with several new factories.
US-China Export Restrictions: A Continuing Challenge
Fouquet addressed the impact of U.S. export controls, noting that the pressure to limit sales to China is unlikely to change regardless of the outcome of the upcoming U.S. presidential election. “If you look at the geopolitical landscape, it’s clear that the United States will continue to push for more restrictions,” he said. ASML has seen its sales of older equipment to China drop to 20% of its total revenue, down from 50% in recent quarters, as tighter export rules take effect.
The CEO also highlighted ongoing debates within Europe and the Netherlands over the nature of these restrictions, questioning whether they serve national security interests or are driven more by economic competition. “One of the key discussions is whether this is truly about national security,” Fouquet explained. He noted that even within the U.S., companies are beginning to question whether these restrictions are beneficial or detrimental to their business interests.
“There’s a growing conversation about whether such measures help us or hurt us. I’m seeing a lot of U.S. companies starting to ask the same question,” he said, suggesting a potential shift in how the industry views the balance between trade policy and national security.
As ASML navigates these complex geopolitical issues, the company remains focused on its core mission: driving innovation in the semiconductor industry. With an eye on long-term growth, ASML’s strategic planning for 2026 signals confidence in a future where the demand for advanced chip-making technology continues to rise, even in the face of political and economic challenges.