ASML stock fell 18% in July due to a broader AI sector sell-off following reports of Anthropic developing its own AI chip, and concerns about Chinese competition in ultraviolet lithography machines. Despite beating Q2 earnings expectations and raising full-year guidance, these headwinds outweighed positive results.
Axe note: ASML’s stock fell sharply despite strong earnings, spotlighting risks in the global tech chain that ripple to South Africa via the rand and select sectors.