阿斯麦公布第三季度订单仅达分析师预期的一半左右，并将2025年净销售额指引区间的上限从400亿欧元下调至350亿欧元。After lithography giant Asmack's disappointing performance outlook triggered a decline in global chip stocks, industry investors faced a new test.
The total market capitalization losses of the Philadelphia Semiconductor Index plus Asian semiconductor giants exceeded $420 billion.
Asmack, headquartered in the Netherlands, issued an early warning, throwing cold water on the strong rebound of chip stocks from the summer sell-off. The world's most advanced chip manufacturing equipment supplier lowered its performance outlook due to the downturn in fields other than AI, and its stock price recorded the biggest drop since 1998 in the European market on October 15.
Asmack announced that orders for the third quarter were only about half of analysts' expectations, and lowered the upper limit of the 2025 net sales guidance range from 40 billion euros to 35 billion euros.
Citibank analyst Atif Malik wrote in a report that due to factors such as slowing growth in non-AI applications and Intel spending cuts, Asmack's 2025 performance outlook is expected to be weak, “but the extent of the reduction is surprising.”
On October 16, Asmack's peers in the Asian market fell one after another, and Tokyo Electronics once fell sharply by 10%. TSMC, the top foundry company, once fell 3.3%.
Despite strong market reactions, some investors think Asmack's plight may be unique to the Dutch company. Demand for AI is still strong, and economic incentives are seen as contributing to a broader recovery.
“We think chipmakers are strategically reducing orders to Asmack, which has had a negative impact on the latter's earnings.” Jung In Yun, CEO of Fibonacci Asset Management Global Pte. He said it was unclear whether the chipmaker's motive for doing this was to cut costs or for other strategic reasons. He also pointed out that stimulus measures may drive a recovery in chip demand.
