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Core Viewpoint - ASML's stock experienced significant declines in both European and US markets due to management's concerns about future growth and a downward revision of earnings guidance [1][7]. Financial Performance - In Q2, ASML reported a revenue increase of 23.2% year-on-year to €7.69 billion, exceeding market expectations of €7.55 billion [1]. - The net profit for the quarter was €2.3 billion, with earnings per share at €5.90, surpassing the market forecast of €5.24 by €0.66 [1]. - For Q3, ASML revised its revenue guidance to €7.4 billion to €7.9 billion, lower than the market expectation of €8.26 billion [1]. - The company also lowered its 2025 revenue guidance, now expecting a 15% year-on-year growth to €32.5 billion, compared to the previous market expectation of €37.39 billion [1]. Market Trends and Drivers - CEO Christophe Fouquet noted that the financial performance in Q2 met the upper expectations, driven by increased upgrade business and reduced one-time costs [6]. - ASML observed continuous improvements in lithography intensity, particularly in DRAM, with the introduction of the TWINSCAN N XE:3800E lithography system [6]. - The company highlighted that AI remains a key growth driver in the logic and memory chip sectors, with expectations for growth in the logic chip market compared to 2024 [6]. - The revenue share from the Chinese market is anticipated to exceed 25%, aligning with the current backlog of orders [6]. Geopolitical and Trade Concerns - ASML warned that it may not achieve growth in 2026 due to potential impacts from US tariff policies [7]. - The company indicated that, like the broader semiconductor industry, it is increasingly susceptible to US trade restrictions, with rising machine and chip prices amid geopolitical uncertainties [7]. - Analysts noted that the uncertainty stemming from tariffs has led to a significant change in ASML's growth outlook for 2026, contrasting with previous expectations [7].