ASML Holding NV beat analysts’ expectations in the second quarter but warned it can no longer guarantee revenue growth in 2026, sending the Dutch chip-equipment maker’s shares down as much as 10% on Wednesday. The company reported net sales of €7.69 billion versus a €7.51 billion consensus, net profit of €2.29 billion and a gross margin of 53.7%. Bookings totalled €5.54 billion, also ahead of forecasts. Despite the solid quarter, ASML narrowed its full-year 2025 revenue outlook to about 15% growth and guided third-quarter sales to €7.4–€7.9 billion, below market expectations. Chief Executive Christophe Fouquet said escalating geopolitical and tariff uncertainty was forcing customers to delay investment decisions, prompting the withdrawal of the firm’s 2026 growth target. A day later, Taiwan Semiconductor Manufacturing Co. underscored the strength of artificial-intelligence spending by reporting record results for the same quarter and raising its growth forecast. TSMC’s net profit jumped 60.7% year-on-year to NT$398.3 billion ($13.5 billion) on revenue of NT$933.8 billion ($30.1 billion), while gross margin expanded to 58.6%. The world’s largest contract chipmaker projected third-quarter sales of $31.8–33 billion and lifted its 2025 revenue growth outlook to about 30% in U.S.-dollar terms, citing strong demand for advanced AI and high-performance computing chips, even as it cautioned that protracted tariff negotiations could weigh on later quarters. The mixed signals from two of the semiconductor industry’s bellwethers illustrate a sector riding a powerful AI-driven upswing in the near term but grappling with policy-driven uncertainty that could temper growth further out.