On June 23, ASML fell 7.26% in pre-market trading, trading at $1,789.89/share, with turnover of $13.11 million. The decline was driven by a combination of broad semiconductor equipment sector weakness and escalating concerns over U.S. export controls targeting China.

On the news front, U.S. Commerce Secretary recently raised concerns that an EUV lithography system may have reached China, which would constitute a serious violation of existing export restrictions. ASML firmly denied the allegation, stating it has never delivered any EUV system to China, and noted that no evidence has been publicly presented. Nevertheless, the controversy continues to weigh on sentiment.

Adding to pressure, ASML reported a 56% quarter-over-quarter plunge in China mainland system sales in Q1, with China's share of group system revenue falling from 36% to 19%. Dutch authorities have progressively tightened export controls since 2023, most recently restricting immersion DUV machines for mature 28nm and 45nm nodes in March. ASML's CEO acknowledged that further restrictions would only accelerate China's push for domestic alternatives.

The broader Semiconductor Equipment sector saw uniform declines, with Applied Materials down 6.28%, Lam Research down 5.88%, KLA-Tencor down 5.64%, Teradyne down 6.5%, and AXT Inc down 10.21%.

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