ASM International NV

US tech stocks fell sharply on Monday after Anthropic chief executive Dario Amodei called for tech companies to reduce the speed of AI development, a call backed by OpenAI boss Sam Altman, Elon Musk and Google DeepMind chairman Sir Demis Hassabis. The Nasdaq Composite dropped as much as 1.3pc to 25,992.54, with Sandisk, Intel and Micron all falling more than 6pc and Nvidia, the world's largest company by market value, down 3.8pc; the Dow Jones Industrial Average fell as much as 0.4pc to 52,385.52 and the S&P 500 declined 0.8pc to 7,597.05. Donald Trump rejected the calls, writing on Truth Social that there is a "SICK conspiracy going on against AI and Data Centers," while Vice-President JD Vance called the industry's requests for regulation "a Trojan horse." In Europe, the Cac 40 in France, the Dax in Germany and the Ibex 35 in Spain each fell 0.6pc, with Germany's Infineon down 7.2pc and Dutch companies ASML and ASMI losing 4.8pc and 8.1pc respectively, while the FTSE 100 rose 0.6pc as software stocks including Sage, Relx and London Stock Exchange Group gained. OpenAI separately called on the UK Government to introduce mandatory safety rules for major AI developers, with the AI Security Institute playing a central role in third-party testing, and Canadian Prime Minister Mark Carney called for a global "technology stability board" modelled on the Financial Stability Board.

European semiconductor stocks tied to the AI infrastructure boom sold off sharply on September 14 after prominent artificial intelligence figures called for a more cautious pace of frontier-model development. ASML fell about 5.2%, ASM International dropped 8.7%, Infineon lost 7.6%, and Soitec was the worst performer in the Stoxx 600 with a decline of roughly 12.6%. The reversal was especially stark for Soitec, which less than two weeks earlier, on September 2, had upgraded second-quarter revenue guidance to around 50% year-on-year growth from more than 30%, driven by demand for its Photonics-SOI products used in high-speed optical connections inside AI data centers, and now expects full-year Photonics-SOI revenue to reach between 2.5 and three times the prior year's level of just over $100 million. ASML, whose lithography machines are essential for manufacturing the world's most advanced chips, generated €9.3 billion of net sales in the second quarter. The sell-off landed on a market already dealing with higher oil prices and rising bond yields, and some software and information companies previously seen as AI casualties rose as the hardware trade fell, suggesting investors were reconsidering who wins if the AI race proceeds more slowly than assumed.

European stock markets closed lower on Wednesday, with the STOXX 600 index falling 0.29% to 645.01 points, snapping a three-day winning streak. The luxury goods sector tumbled 2.4%, the steepest decline among industry groups, after mixed earnings from French luxury companies. Kering shares surged nearly 17% after Gucci sales fell less than expected, while Hermes shares slumped 11% amid no signs of recovery in the Chinese market. The technology sector fell 0.4%, extending losses for a third straight day, pressured by ASM International which dropped 4.8% despite a positive earnings outlook. The energy sector gained 2.2%, tracking Brent crude oil prices which jumped nearly 8% to breach 90 US dollars per barrel, as tensions in the Middle East flared up again. Investors are also watching the Federal Reserve meeting outcome and earnings from US tech giants such as Microsoft and Meta, which will report after the US stock market closes.

Global tech stocks plunged after China achieved a breakthrough in developing deep ultraviolet lithography machines critical to AI chip manufacturing. South Korea’s Kospi index fell nearly 11 percent overnight, triggering a brief trading halt, while Japan’s Nikkei and Taiwan’s Taiex each sank more than 4 percent. The sell-off was sparked by reports that Chinese state-owned Shanghai Yuliangsheng has begun mass-producing the machinery, with leading Chinese chipmakers expected to receive first deliveries later this year. ASML shares dropped more than 8 percent, ASM International fell over 7 percent, and BE Semiconductor declined nearly 10 percent. Samsung and SK Hynix each plunged more than 12 percent, leaving the Kospi on track for its worst month since 1997.

Wall Street ended mixed, with the Dow Jones Industrial Average gaining 262.83 points to close at 52,210.08, while the Nasdaq fell 43.74 points. Investors are awaiting earnings from major tech companies such as Microsoft, Amazon, Meta, and Apple this week, amid concerns that the AI bubble may be starting to deflate. Brent crude oil prices tumbled 8.7% to 88.36 dollars per barrel after the US suspended strike operations against Iran, dragging energy stocks lower, led by Occidental Petroleum down 4.1% and Exxon Mobil down 1.4%. European markets closed flat, with the STOXX 600 edging up just 0.02%, as ASML shares plunged 8.4% following reports that China has developed its own DUV lithography chipmaking tools, weighing on tech peers ASM International and BE Semiconductor.

European stock markets closed only slightly higher on Monday, with the STOXX 600 index edging up 0.02% to 644.62 points, as falling technology stocks capped market gains despite easing tensions in the Middle East and a sharp drop in oil prices. Energy stocks fell 2%, making them the worst-performing sector in the STOXX 600, after West Texas Intermediate crude for September delivery dropped 7.5% to settle at 82.61 dollars a barrel and Brent crude fell 8.7% to 88.36 dollars a barrel, amid hopes for peace talks between the United States and Iran. The European technology index declined 1.7%, led by ASML, which tumbled 8.4% following reports that China has begun producing domestically developed deep ultraviolet chipmaking equipment, a technology long dominated by ASML. ASM International dropped 7.1% and BE Semiconductor plunged 9.7%. Investors are watching earnings reports from major US technology companies this week and the Federal Reserve's monetary policy meeting, with the CME Group's FedWatch Tool indicating a 62% probability that the Fed will hold interest rates at 3.50% to 3.75% at its July 28-29 meeting.