Asian chip stocks decline as ASML lowers sales forecast and U.S. export concerns rise
cnbc.com — October 16, 2024, 05:00 AM UTC
Asian chip stocks fell sharply on Wednesday after ASML, a Dutch semiconductor equipment maker, issued a disappointing sales forecast. Tokyo Electron saw the largest drop, nearly 10%, while Renesas Electronics and Advantest also reported losses. ASML's forecast for 2025 net sales was lowered to between 30 billion and 35 billion euros, below previous estimates. The company reported net bookings of 2.6 billion euros for the September quarter, significantly less than expected. The decline in ASML's stock, which fell 16%, affected other global chipmakers, including Nvidia and AMD. Concerns over potential U.S. export restrictions on advanced AI chips further impacted investor sentiment in the semiconductor sector.