ASML is an amazing company with world-leading lithographic tools for semiconductor manufacturing but it is unclear how the current confusion in tariffs will affect them. Back in 2024 there were a number of articles such as:
https://www.reuters.com/technology/asml-does-not-e...
Discussing the Biden administration's preference to not have ASML export the latest technology to China and for ASML to stop supporting the equipment that they had previously sold to Chinese foundaries.

Now that the US is imposing tariffs on former allies it is unclear what ASML's response will be. One could imagine ASML deciding to sell the newest tech to China, which could mean billions of dollars in new sales. Or not.

If the goal of the US is to on-shore semiconductor manufacturing then preferential purchase of ASML gear for US factories would seem to be a priority but I haven't seen any mention of that in the discussions so far and that imposing tariffs on imports from the EU might be counter-productive towards that goal. So for now ASML goes into the too hard pile. But I love the technology. the Zeiss multilayer optics are just phenomenal.

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