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Top computer chip equipment maker ASML expects a slowdown in demand for chips that is leading its customers to delay orders will last “well into” 2025, the company’s CEO Christophe Fouquet said on Wednesday.

“We mentioned the slow recovery first because I think this affects every single customer,” Fouquet told analysts on a call after the company’s third-quarter earnings that included a downgrade to 2025 sales forecasts.

He said demand for automotive, PC and memory chips is weak, with demand for AI chips a noteworthy exception.

“We are still quite optimistic about AI. I think today without AI, the market would be very sad,” he said.

Several chip stocks rebounded on Wednesday after ASML's earnings - accidentally posted a half-day early - sparked a global tech selloff a day earlier due the Dutch company's downbeat sales forecast.

Reuters

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