Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412 Europe Specialist Sales J P M O R G A Nscott.silver@jpmorgan.com

J.P. Morgan Securities plc 19 June 2026

Silver Sunrise Euro TMT Daily

Scott Silver

+44 207 134 0412

scott.silver@jpmorgan.com

EU TMT TODAY

• ASM International -Strength in demand should see co. achieve more than 2030 guidance in 2028 itself- Sandeep

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• ASML (OW): US Concerns on Tools into China - Bloomberg’s report that US officials have raised concerns with

ASML over the possibility that an EUV system may have somehow reached China will inevitably generate airtime, but

the article itself contains little in the way of concrete evidence. ASML has repeatedly stated that it has never shipped an

EUV machine to China and sees no indication that one is operating there, noting that these systems are scarce, closely

monitored and cannot be relocated without ASML’s involvement. More broadly, the article makes comments around

DUV-related frustration. Like many semi equipment suppliers, ASML captured an increase in shipments to Chinese

customers ahead of tightening US restrictions, a practice that was entirely legal and widely adopted across the industry.

Whilst this might be viewed as ethically questionable, it was within the rules and hardly unique to ASML. Against that

backdrop, it is difficult to view this as fundamentally negative for the company. Instead, it feels more like Washington

increasing the pressure, potentially using this issue alongside proposals such as the MATCH Act as leverage to extract

further incremental concessions on servicing or exports to China, thereby avoiding more severe measures such as blanket