Why the Chip Stocks Slump Is Deepening After ASML’s Strong Earnings

U.S. chip makers were under pressure early Wednesday. (Photograph by Cianluca Colla/Bloomberg)

Key Points

• The iShares Semiconductor ETF fell for six consecutive days and was on course to extend its losing streak on Wednesday.
• ASML raised its guidance and signaled that customers are pushing to place orders as far ahead as 2030.
• Strong demand could allow ASML to hike prices, which would increase costs for customers like TSMC and Intel.

Chip stocks are on a really bad run and strong earnings from ASML aren’t helping at all.

The iShares Semiconductor ETF (SOXX) has fallen for six consecutive days and is on course to make it seven on Wednesday. That’s its longest losing streak since a seven-day slump in May 2025. Intel , Advanced Micro Devices , and Marvell Technology were all down more than 1% in premarket trading.

ASML kicked off tech earnings season early Wednesday by raising guidance and signaling that customers were pushing to place orders as far ahead as 2030—such is the intense demand for its chipmaking machines.

Unfortunately ASML is at the wrong end of the supply chain to give chip makers a significant boost. While the Dutch company’s earnings point to the artificial-intelligence boom lasting for several years to come, chip makers really need to see strong demand from their own customers—the megacap hyperscalers.

The Barron’s Daily

A morning briefing on what you need to know in the day ahead, including exclusive commentary from Barron’s and MarketWatch writers.

Email addressSubscribe

I agree to the Terms of Use, Privacy Notice and Cookie Notice.

I would like to receive updates and special offers from Dow Jones and affiliates.

The stellar demand opens the door to ASML hiking prices, which would increase costs for Taiwan Semiconductor Manufacturing, Intel, and other major customers.

ASML earnings aren’t really that bad for the sector at all, it’s just not enough to stop the increasingly worrying slide.

Write to Callum Keown at callum.keown@dowjones.com

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8