The chief executive of Dutch semiconductor equipment maker ASML Holding NV (ASML.AS) said on Wednesday one more of its products falls under new export restrictions rules announced by the U.S. this week.
At a press conference following the company's third quarter results, CEO Peter Wennink said he expects demand from Chinese chipmakers to remain strong, despite the growing list of export restrictions imposed by the U.S. and Dutch governments.
Wennink said that one additional ASML product not covered by Dutch export licensing rules introduced this year can now be restricted under the new U.S. export rules announced on Tuesday.
The product, ASML's 1980Di tool, can be used to help make both relatively advanced computer chips as well as mid-range and older chips.
"In principle the 1980s would fall under the export control restrictions, but only when ... (they) are used for advanced semiconductor manufacturing," Wennink said.
Only a handful of Chinese plants would be considered "advanced", he said.
ASML dominates the market for lithography equipment, used by chipmakers such as TSMC, Samsung and Intel to help create the circuitry of chips. China is its third-largest market after Taiwan and South Korea.
But sales to China in the third quarter amounted to 46% of ASML's total, amid weaker demand from other regions and a rush by Chinese customers to ensure they have tools before Dutch restrictions fully bite.
"I don't think we will see a peak this year, I think there will be a significant amount of demand coming out of China for mature technology," Peter Wennink said at a press conference following third quarter results.
He added that the export restrictions impact around 15% of ASML's sales to China.
Earlier on Wednesday ASML warned that 2024 sales may be flat as chipmakers delay capital spending amid an uncertain economic backdrop.
