NEW YORK, January 1, 2026, 04:21 ET — Market closed
• ASML’s U.S.-listed shares ended the last session of 2025 down 0.25% at $1,069.86.
• A Reuters report on China’s push for more homegrown chip tools kept pressure on equipment names.
• Investors are now looking to ASML’s late-January results for demand signals and 2026 guidance.
ASML Holding N.V.’s U.S.-listed shares closed down 0.25% at $1,069.86 on Wednesday, capping the final trading day of 2025 on a soft note for chip-related stocks.
The muted move comes as investors weigh fresh policy risk out of China against expectations that spending on advanced chips stays firm into 2026.
For equipment makers, the timing matters because order trends can turn quickly when governments tighten rules around what chip tools can be bought, sold or serviced.
That tension lands squarely on ASML, whose lithography machines — tools that “print” circuits onto silicon wafers — sit at the heart of modern chipmaking. Its “bookings,” or new orders, are closely watched because they can foreshadow customer spending.
On Tuesday, Reuters reported China is requiring chipmakers to use at least 50% domestically made equipment when adding new capacity, a rule enforced through state approval processes. The policy is not publicly documented and can be flexible when local supply is constrained, Reuters said, adding that requirements are relaxed for advanced production lines where domestic tools are not yet fully available. 1
U.S. peers ended the year under heavier pressure: Applied Materials fell 1.14%, Lam Research lost 1.53% and KLA slid 2.29% in the last session of 2025.
The broader market tone was also a drag. The S&P 500 fell 0.74% on Wednesday, and tech stocks were among the session’s main losers, Reuters reported. “It’s perfectly fine in any bull market to have moments of cost,” said Giuseppe Sette, co-founder and president of Reflexivity. 2
Policy headlines stayed in focus into Thursday. Reuters reported the U.S. granted Taiwan Semiconductor Manufacturing an annual licence to import U.S. chipmaking tools into its Nanjing plant in China, replacing an exemption that expired at year-end. 3
ASML’s exposure is different from many U.S. toolmakers because it dominates lithography, including extreme ultraviolet (EUV) systems used for leading-edge chips, where Chinese substitutes remain limited.
Still, investors often treat ASML as a bellwether for global chip capital spending, and any sign of a broader shift toward local sourcing in China can reshape expectations for the supply chain.
Before the next session, attention turns to ASML’s next scheduled catalyst: the company is due to publish Q4 and full-year 2025 financial results on Jan. 28, according to its financial calendar. Investors will look for guidance on 2026 demand and any read-through on customer spending plans. 4
Before the next session on Friday, U.S. markets reopen after the New Year’s Day holiday, according to the NYSE trading calendar. The New York Fed’s economic calendar shows initial jobless claims due at 8:30 a.m. ET and construction spending at 10:00 a.m. ET on Jan. 2, with the ISM manufacturing report scheduled for Jan. 5. 5
Before the next session, traders are also watching technical checkpoints after the stock settled near $1,070. Yahoo Finance lists ASML’s 50-day moving average around $1,053 and a 52-week range of $578.51 to $1,141.72. 6
