'Positive signs' for chip world as ASML profits soar
AMSTERDAM
Dutch tech giant ASML, which supplies chipmaking machines to the semiconductor industry, reported yesterday a rise in annual net profit despite a high-tech trade spat between China and the West.
Net profits came in at 7.8 billion euros ($8.5 billion) for 2023, the firm said in its annual results, compared to 5.6 billion euros the previous year.
"The semiconductor industry continues to work through the bottom of the cycle," CEO Peter Wennink said in a statement.
"Although our customers are still not certain about the shape of the semiconductor market recovery this year, there are some positive signs," he added.
ASML is one of the world's leading manufacturers of equipment to make state-of-the-art semiconductor chips, which power everything from mobile phones to cars.
But the semiconductor industry has become a geopolitical battleground, as the West seeks to restrict China's access over fears the chips could be used for advanced weaponry.
ASML announced earlier this month that it had been blocked from exporting "a small number" of its advanced machines to China, amid reports of U.S. pressure on the Dutch government.
At the time, Beijing lashed out at what it called "bullying behavior" by Washington, adding that it "seriously violates international trade rules."
China has described the restrictions placed on exports as "technological terrorism."
