Chips with everything

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Chips with everything

The bigger picture: Bargaining chips.

ASML has a $45 billion gold mine of backlogged orders, so that sales outlook doesn’t seem too far-fetched. But every gold mine comes with a few hazards: in this case, there’s the US’s ban on sending cutting-edge chip machines to China. But luckily for ASML, the equipment it ships to Chinese firms is generally less advanced technology that isn’t under embargo, which explains why the firm believes the restrictions will only dent its backlog by 5%.For markets: Shape up or chip out.The chip industry isn’t out of the woods yet, but it looks like it might be heading in the right direction: now that China’s re-opening and artificial intelligence is on everyone’s lips, some analysts think the sector will avoid hitting the lows of a few months ago. And the forward-looking stock market’s cottoned on to that too, with an index that tracks chip colossuses jumping 15% this year.

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