“Secondly, ASML could sell sophisticated tools to Chinese customers for most of calendar 2023 as sanctions against the Chinese semiconductor sector kicked in only in September and only for one tool.”
ASML took $29.83 billion in calendar 2023 against Applied Materials’ $26.52 billion. Applied’s fiscal year ended October 29, so the comparison is not even apples to apples. Part of the win came from China, where ASML kept selling until sanctions hit one tool in September. Export controls built ASML’s crown by leaving the door open for nine months.