ASML China sales surge 109% in Q3 despite US export control pressure

ASML's Q3 sales to China jumped 109% quarter-on-quarter, with China expected to account for ~20% of 2026 revenue, despite US pressure to tighten restrictions on less advanced chipmaking equipment. The surge suggests Chinese buyers are front-loading orders ahead of potential new export controls, and that US efforts to curb China's semiconductor ambitions face commercial headwinds. The gap between US policy intent and Dutch corporate behavior is widening.