ASML Holding NV reported stronger-than-expected second-quarter results but said it can no longer assure investors of revenue growth in 2026, citing mounting macro-economic and geopolitical risks, including U.S. tariff policy. The Dutch lithography supplier posted net sales of €7.69 billion, net profit of €2.29 billion and a gross margin of 53.7%, all ahead of consensus forecasts, while quarterly bookings came in at €5.54 billion. Despite the operational beat, management guided third-quarter sales to a range of €7.4 billion to €7.9 billion, below analyst expectations, and narrowed its forecast for full-year 2025 revenue growth to about 15% with a gross margin near 52%. The caution on 2026 prompted ASML’s shares to drop as much as 10% in European trading as investors weighed the potential impact of the United States’ 145% tariff on Chinese goods and the prospect of additional levies on semiconductor equipment. A day later, Taiwan Semiconductor Manufacturing Co. delivered a contrasting signal, reporting record June-quarter earnings driven by sustained demand for advanced chips used in artificial-intelligence applications. Net profit jumped 60.7% from a year earlier to NT$398.3 billion (US$13.5 billion) on revenue of NT$933.8 billion, both comfortably above market estimates. Gross margin widened to 58.6%. TSMC forecast third-quarter sales of US$31.8 billion to US$33 billion—again ahead of expectations—and lifted its 2025 revenue growth outlook to about 30% in U.S. dollar terms, up from a mid-20% projection. The upbeat guidance helped support semiconductor shares globally, even as management acknowledged that trade tensions and currency swings remain potential headwinds for the industry.