ASML, ASM International, and BE Semiconductor Industries all fell sharply after the heads of OpenAI and Anthropic called for a temporary slowdown in advanced AI model development. ASML dropped 4.3%, ASM International lost 6.6%, and Besi slid nearly 6%, with all three reports pointing to the same trigger.
ASML fell 4.3% to €1,415.6 today. ASM International dropped 6.6%, touching a session low of €775. BE Semiconductor Industries (Besi) slid nearly 6% to €178.
All three declines trace back to the same trigger: comments from the heads of OpenAI and Anthropic calling for a temporary slowdown in advanced AI model development.
AI caution shakes the demand outlook
The comments shook investor confidence in the near-term demand outlook for chip equipment makers, with ASML bearing an outsized share of the selling pressure as the sector's most prominent name. ASM International makes atomic layer deposition equipment used in advanced logic and memory chips, so any signal of decelerating AI demand carries direct implications for its revenue outlook. Besi's growth story rests on advanced packaging demand tied to AI infrastructure buildout, and its beta well above 1.0 means the stock tends to swing more sharply than the broader market during risk-off episodes.
Analyst calls offered little cushion
Morgan Stanley cut its ASML price target from EUR 1,930 to EUR 1,700 last week while keeping an Overweight rating. Jefferies has held a Sell rating on ASM International since early August, and the stock's daily technical indicators are flashing a strong sell signal. Berenberg's Buy upgrade and KBC Securities' Hold rating on Besi both date from early August and did little to offset today's macro-driven pressure.
Broader markets add no relief
European indices were broadly subdued, with the STOXX 600 flat while the AEX Index, ASML's and Besi's home benchmark, tracked the sector lower. U.S. markets added no relief, with the Nasdaq down 1.5% and the S&P 500 off 0.6% ahead of rate decisions from the Federal Reserve, Bank of Japan, and Bank of England.
Longer-term fundamentals hold up
Despite the slide, ASML's fundamentals remain intact, including a raised full-year 2026 revenue outlook and strong EUV order visibility, and shares still trade well above their 52-week low of EUR 695.2. ASM International's drop left it well below its 52-week high of €1,092.5. Besi's decline pulled shares further from their 52-week high of €328.40.
ASML's next earnings are due October 14. ASM International awaits its next update later in October. Besi's next release is scheduled for late October.
Sources: Investing.com (ASML), Investing.com (ASM International), Investing.com (BE Semiconductor Industries)
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