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The Nasdaq fell sharply on Wednesday local time.

On July 17, ASML, the global lithography giant, released a second-quarter report that met market expectations, but its guidance for the third quarter was not optimistic. On the same day, ASML's share price on the London Stock Exchange fell sharply.

After the U.S. stock market opened, ASML continued to fall, dragging down chip stocks collectively. As of press time, ASML fell more than 10%, TSMC and AMD fell more than 7%, Qualcomm and Nvidia fell more than 6%. The Nasdaq Composite Index fell rapidly to 2%.

According to ASML's latest second quarter report, the company achieved total revenue of 6.24 billion euros, a month-on-month increase of 18.0% and a year-on-year decrease of 9.6%, exceeding the upper limit of the guidance of 6.2 billion euros given by management and higher than analysts' expectations of 6 billion euros; net profit was 1.578 billion euros, a month-on-month increase of 28.92%, a significant increase from 1.224 billion euros in the previous quarter; gross profit margin also remained at a high level of 51.5%, exceeding the upper limit of the guidance of 51% given by management and higher than analysts' expectations of 50.6%.

The amount of new orders in the second quarter of this year was 5.567 billion euros, of which 2.5 billion euros were EUV lithography machine orders. Among them, China's net system sales accounted for 49% of the global total, the same as in the first quarter. As of the end of the second quarter of 2024, ASML's total undelivered orders reached 39 billion euros.

ASML President and CEO Christophe Fouquet said: "Our second quarter revenue was €6.2 billion, at the high end of our forecast range, and our gross margin was 51.5%, above our target, both driven by higher sales of immersion systems."

Regarding the third quarter expectations and the outlook for the full year 2024, Fu Keli said that revenue in the third quarter of 2024 is expected to be between 6.7 billion euros and 7.3 billion euros, of which 1.4 billion euros are expected to come from the installation management business, and the gross profit margin is expected to be between 50% and 51%; the expectations for the full year 2024 remain unchanged, and overall revenue is expected to be basically the same as in 2023.

Fu Keli also said that the performance in the second half of this year will be significantly stronger than the first half, which is consistent with the trend of the semiconductor industry's continued recovery from the downward cycle.

Regarding the most advanced lithography machines that the market is most concerned about, ASML pointed out that in terms of 0.33 numerical aperture EUV lithography systems, the company shipped a new batch of NXE:3800E systems to customers in the second quarter, and is continuing to increase production capacity as planned. It is expected that most of the equipment shipped in the second half of the year will be NXE:3800E systems. In terms of 0.55 high numerical aperture (HighNA) EUV lithography systems, the company shipped the second equipment to customers in the second quarter. The first equipment is undergoing wafer qualification testing in the customer's factory, and the second equipment is currently being assembled and progressing smoothly.

As for the future of ASML, Fu Keli predicts that with the strong development of artificial intelligence (AI), the semiconductor industry will enter an upward cycle in 2025. As a result, many wafer fabs under construction will be put into use around the world. Fu Keli said, "We will continue to focus on the future and prepare production capacity for further growth in the long term. As stated at the Investor Day in November 2022, our net sales are expected to be 30 billion euros to 40 billion euros by 2025, and 44 billion euros to 60 billion euros by 2030."

Editor: Ye Shuyun

Proofreading: Li Lingfeng

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