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Core Viewpoint - The U.S. House Committee has raised concerns that the semiconductor industry is supporting the development of China's semiconductor sector and its military, leading to fears of further export controls [1][2]. Group 1: Impact on Semiconductor Companies - Semiconductor companies, including Applied Materials and ASML, experienced stock price declines following the committee's statements, with ASML's stock dropping 7.1%, marking its largest intraday decline since July [1]. - The committee cited sales data from major tool manufacturers, indicating significant profits from selling equipment to Chinese state-owned enterprises and affiliates, although no legal violations have been reported [1][2]. Group 2: U.S.-China Relations and Export Controls - The committee has called for the Trump administration to significantly expand nationwide export bans and licensing requirements for tools sold to China, raising concerns about imminent export restrictions [2]. - As U.S.-China relations worsen, the semiconductor industry has become a primary target for stricter export limitations, with recent actions including the cancellation of authorizations that allowed certain companies to supply products to Chinese factories without U.S. permission [2]. Group 3: ASML's Market Position - China is ASML's second-largest market after Taiwan, accounting for 27% of its net system sales in Q2, down from 41% the previous year due to increased trade restrictions [3]. - The reliance on artificial intelligence-related investments has partially offset losses in the Chinese market, but it has also made ASML more dependent on a limited number of customers [3].