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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.

Two Chinese AI Chip Firms Target $1.7 Billion IPOs Amid U.S. Export Curbs

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Two Chinese artificial intelligence chipmakers, Moore Threads and MetaX, are seeking to raise a combined 12 billion yuan ($1.65 billion) through initial public offerings (IPOs) on Shanghai’s STAR Market, according to filings released Monday. The companies are betting that U.S. export restrictions on advanced semiconductors will drive demand for homegrown alternatives.

Beijing-based Moore Threads aims to raise 8 billion yuan, while Shanghai-based MetaX targets 3.9 billion yuan. Both firms design graphics processing units (GPUs)—vital components for AI applications—and are attempting to position themselves as domestic challengers to Nvidia, whose chips are now largely restricted from sale in China.

Their listing bids come as China accelerates its push for semiconductor self-sufficiency amid tightening U.S. sanctions. In April, Washington imposed additional curbs that banned Nvidia’s popular H20 chips from export to China. Earlier restrictions have also blocked Chinese chipmakers from using top-tier global foundries such as Taiwan Semiconductor Manufacturing Company (TSMC).

Although both Moore Threads and MetaX acknowledged in their IPO filings that U.S. sanctions present operational challenges, they also highlighted the market opportunity those restrictions have created. “U.S. restrictions… are prompting Chinese companies to accelerate domestic substitution,” Moore Threads stated. Similarly, MetaX noted that geopolitical pressures are “forcing domestic clients to use domestically-produced GPU products.”

Financially, both firms remain deep in the red.

  • Moore Threads reported 2024 revenue of 438 million yuan but posted a loss of 1.49 billion yuan, adding to losses of 1.67 billion yuan in 2023 and 1.84 billion yuan in 2022.

  • MetaX had 2024 revenue of 743 million yuan with a 1.4 billion yuan loss, following losses of 871 million yuan in 2023 and 777 million yuan in 2022.

Despite these losses, analysts say that access to China’s capital markets is critical for these startups to scale R&D and reach economies of scale. “Moore Threads and MetaX are both considered leading GPU firms in China,” said He Hui, semiconductor research director at Omdia. “IPO funding is essential to sustain innovation and growth.”

Founded in 2020, both companies were launched by veterans of major U.S. chipmakers.

  • MetaX’s leadership includes former AMD executives, notably Chairman Chen Weiliang, AMD’s former global head of GPU product line design.

  • Moore Threads was founded by ex-Nvidia personnel, including Chairman Zhang Jianzhong, previously Nvidia’s general manager in China.

These two firms join a rapidly expanding field of Chinese AI chipmakers such as Huawei, Cambricon, and Hygon, all seeking to fill the void left by restricted foreign chip supply and capitalize on Beijing’s semiconductor independence ambitions.

Binance Reopens Crypto Trading to Syrians Following U.S. Sanctions Lift

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Binance, the world’s largest cryptocurrency exchange, announced it will reopen trading services to users in Syria after the United States lifted sanctions on the country last month.

Syrian users will now have full access to Binance’s platform, which supports over 300 cryptocurrency tokens and stablecoins. Notably, the Syrian pound will be accepted for buying and selling cryptocurrencies on the exchange.

The sanctions removal came as a surprise move by the Trump administration, reportedly influenced by Saudi Arabia, which advocated for easing restrictions on Syria. The new government in Syria, led by an Islamist coalition after ousting former leader Bashar al-Assad, is focusing on rebuilding the country’s public services and improving infrastructure, including internet access, after years of civil war and prolonged sanctions.

Binance’s reopening of services is expected to facilitate financial inclusion and offer Syrians new economic opportunities amid the country’s recovery efforts.