ASML Shows Chasm in Chip Land: AI Winners Versus Everyone Else

There’s a growing divide in the $530 billion semiconductor industry between the companies that are riding the artificial intelligence wave and those that aren’t. And looking at the early returns from this earnings season, that gulf could soon widen into an abyss.

“Without AI, the market would be very sad,” Christophe Fouquet, chief executive of ASML Holding NV, said last week on a conference call after the Dutch chip production equipment maker cut its sales forecast for 2025 due to sluggish demand in everything other than AI.

ASML’s results sparked a new round of worries about the health ...