ASML - 3 Headwinds Facing ASML's Non-EUV Business In China

• ASML's EUV lithography system revenues are dominating its product sector with more than 45% of revenues in 2020, but sales are blocked to China.
• ASML's dominant share of immersion DUV, which is used between 7nm and 65nm nodes, has been eroding against Nikon in the past few years.
• A second headwind facing ASML is a recommendation by the National Security Commission on Artificial Intelligence to block DUV sales to China.
• China's move to self sufficiency has moved from developing IC fabs to building an infrastructure of home-grown industry of processing equipment.

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