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ASML dismisses claims of Chinese tool stockpiling, says ready for rare earth curbs

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ASML has downplayed concerns that its expected decline in China sales next year is linked to Chinese chipmakers stockpiling its lithography machines, saying the slowdown reflects market dynamics rather than preemptive buying.

“The reason I rule out previous stockpiling is because systems that we ship are actually in a chips factory,” said Chief Financial Officer Roger Dassen during a press briefing on Wednesday. His comments followed ASML’s third-quarter earnings report, which warned of a significant fall in Chinese demand in 2025.

Chinese customers accounted for 42% of ASML’s machine sales in the latest quarter, making China its largest single market. However, U.S. lawmakers have urged tighter export restrictions on ASML, alleging that Chinese firms are purchasing chipmaking tools beyond domestic needs to hedge against future sanctions.

ASML, the world’s top semiconductor equipment maker, said it remains confident in the resilience of its business outside China, despite ongoing geopolitical uncertainty.

Dassen also addressed concerns about China’s rare earth export restrictions, emphasizing that ASML is well prepared in the short term. “We have inventory, we have alternatives. But of course, there is an impact we are navigating,” he said.

China produces over 90% of the world’s processed rare earths and magnets, which are essential components in ASML’s chipmaking tools. Dassen cautioned that longer-term disruptions could be more serious if global trade tensions deepen. “It’s important the world continues to trade so we don’t face lasting limitations,” he said.

ASML appoints veteran Marco Pieters as new chief technology officer

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ASML, the world’s leading manufacturer of semiconductor lithography machines, has named Marco Pieters as its new chief technology officer (CTO), the company announced Thursday. Pieters, a 25-year ASML veteran, will also join the firm’s management board, pending approval at the April 2026 annual meeting.

Trained as a mathematician, Pieters has led several of ASML’s major product lines, including its Holistic Lithography program, which integrates hardware and software to improve chipmaking precision. CEO Christophe Fouquet praised Pieters’ long-standing contributions, saying he has “full support in driving forward our technology roadmap.”

Pieters succeeds Martin van der Brink, who retired in 2024 after a four-decade career that saw ASML rise from a small Dutch equipment supplier to a global leader in chip manufacturing technology. Van der Brink’s strategic bets on extreme ultraviolet (EUV) lithography helped ASML overtake rivals Nikon and Canon to dominate the sector.

ASML’s advanced lithography machines — some priced at $400 million — are essential to producing cutting-edge chips used in AI processors, smartphones, and data centers. Pieters’ appointment reinforces ASML’s focus on innovation amid rising global demand for semiconductor technology.

The company also plans to reappoint CFO Roger Dassen at the same meeting.

ASML to Halt Reporting of Key Metric, Citing Volatility

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ASML, the world’s leading chip equipment manufacturer, has announced it will stop publishing new order bookings, a key metric closely watched by investors. The company argues that the figure is too inconsistent and causes excessive volatility in its stock price.

Instead, ASML believes its own forecasts—based on discussions with chipmakers about their capacity expansion plans—offer a more reliable indicator of future performance. The company’s circuit-printing machinery plays a critical role in chip manufacturing, but orders can take six to 18 months to fulfill, making quarterly booking figures difficult to interpret.

“The swing factor is significant,” said Chief Financial Officer Roger Dassen, explaining the move.

The decision, announced on Wednesday, came as ASML’s stock jumped 7% following better-than-expected fourth-quarter bookings of €7.1 billion ($7.4 billion), a sharp increase from the €2.6 billion recorded in Q3. The fluctuation was likely driven by timing of orders from TSMC, which recently unveiled a $38 billion capital expenditure plan for 2025.

While analysts acknowledge the downside of losing insight into short-term order trends, they largely understand ASML’s reasoning.

“There is downside for investors, as we lose visibility on average bookings and backlog confidence,” said Sara Russo of Bernstein. However, she agreed that a single quarter’s bookings are not the best measure of long-term business health.

Michael Roeg of Degroof Petercam added that capital expenditure announcements from major clients such as TSMC, Intel, and Samsung already provide sufficient indicators of future demand.

Despite market fluctuations, Dassen emphasized that ASML’s full-year sales and margins remained aligned with its January 2024 forecasts.

“If you put all those quarters together, you see it wasn’t too shabby, was it?” he remarked.