ASML says it sold 'absolutely nothing' in Europe in 2026
Frank Heemskerk, executive vice president of public affairs at ASML, said at a panel discussion at Amsterdam's De Balie cultural center that the company sold "absolutely nothing" in Europe in 2026. ASML, the world's only supplier of EUV lithography systems and Europe's largest company by market capitalization at around $660 billion, reported that Europe accounted for 0% of its revenue in the first two quarters of 2026, down from 1% in 2025, 5% in 2024, 4% in 2023, and 2% in 2022. Heemskerk attributed the drop to the fact that European chipmakers are not investing and no new chip factories are being built in the region, calling the trend "genuinely worrying." He argued that beyond subsidizing supply-side investment in fabs, which he said has not even been enough to lure Intel, European governments need to focus on creating and guaranteeing demand for chips made in Europe. He said ASML is in talks with European Commission president Ursula von der Leyen to try to "harness the market power and dynamism that ultimately do exist in Europe," and called for major European chip buyers, described as the customers of ASML's customers, to work more closely with European manufacturers again, pointing to industrial AI as one area of remaining opportunity, provided it is organized collectively. Tom's Hardware contributing writer Anton Shilov noted that several fab projects are still underway in Europe: Intel is investing an additional 5 billion euro in its Fab 34 near Leixlip, Ireland (separate from its roughly 80 billion euro Magdeburg, Germany complex, whose first two fabs alone cost over 30 billion euro); ESMC, backed by TSMC, Bosch, Infineon and NXP, is building a roughly 15 billion euro fab near Dresden for automotive-grade chips; Infineon opened a 5 billion euro Smart Power Fab in Dresden in July 2026, its largest single investment ever; and GlobalFoundries broke ground in March on an expansion of its Dresden Fab 1, partly driven by difficulties on its 10.4 billion euro joint fab with STMicroelectronics in the Grenoble region of France. Shilov argued Heemskerk may be too pessimistic, since ASML will keep selling tools in the EU for years. But he also noted the fab investments are small next to spending in Taiwan, South Korea, the US and Japan, that none of the European projects use leading-edge EUV or High-NA EUV lithography, and that even advanced chips made in Ireland or at ESMC are shipped elsewhere for packaging, meaning European firms have largely lost the ability to produce sophisticated chips entirely within Europe.
Key facts
- ASML executive Frank Heemskerk says Europe accounted for 0% of ASML's revenue in the first two quarters of 2026, down from 1% in 2025, 5% in 2024, 4% in 2023, and 2% in 2022
- Heemskerk says no new chip factories are being built in Europe and calls on the EU, including talks with Ursula von der Leyen, to create demand rather than only subsidize fab construction
- Ongoing European fab projects include Intel's additional 5 billion euro at Fab 34 in Ireland, ESMC's roughly 15 billion euro Dresden fab, Infineon's 5 billion euro Smart Power Fab opened in July 2026, and GlobalFoundries' Dresden Fab 1 expansion
- The article's author notes none of the European fab projects involve leading-edge EUV or High-NA EUV lithography, and that advanced chips made in Europe are shipped elsewhere for packaging
- ASML is currently valued at around $660 billion as Europe's largest company by market capitalization
Why it matters
A zero percent European revenue share for the continent's most valuable chip toolmaker is a stark signal that years of EU subsidy programs aimed at building domestic fabs have not translated into actual orders for the most advanced equipment. It reframes the debate in Brussels: money for construction has not been the missing ingredient, demand has.
Who it affects
European chipmakers and fab operators such as Intel, ESMC (backed by TSMC, Bosch, Infineon and NXP), Infineon and GlobalFoundries, the European Commission and policymakers responsible for industrial strategy, and ASML itself as the supplier whose most sophisticated EUV and High-NA EUV tools depend on customers willing to build leading-edge capacity in Europe.
How to use it
For policymakers and industry watchers, the account underlines a distinction worth tracking going forward: capital grants for fab construction versus mechanisms that guarantee or aggregate demand for chips actually made in Europe, such as coordinated purchasing commitments from large industrial buyers.
How solid is it
The account rests on Heemskerk's on-the-record remarks at a public panel discussion and revenue figures ASML itself has disclosed in earnings reports and investor presentations, giving the core numbers a verifiable paper trail; the article does not quote any response from von der Leyen or the European Commission to the remarks.
Risks and caveats
The article's own author cautions that Heemskerk's pessimism may be overstated, since several sizable fab projects are underway in Europe and ASML will keep selling equipment to EU customers for years. The caveat is that none of these projects are leading-edge fabs using EUV or High-NA EUV lithography, and that even advanced chips produced in Ireland or at ESMC are sent elsewhere for packaging, so Europe has largely lost the ability to produce sophisticated chips entirely on its own soil.
“We are selling absolutely nothing in Europe. Because Europe is not investing and because no chip factories are being built in Europe. That is genuinely worrying.”
— Frank Heemskerk, executive vice president of public affairs at ASML