ASML Holding’s (ASML) shares on Euronext Amsterdam (NL:ASML) fell more than 4% on Tuesday afternoon, the first trading day after U.S. lawmakers last week introduced a bipartisan bill that could impact the Dutch semiconductor equipment giant’s revenue. Its shares in the U.S. also declined by over 1% in Tuesday’s pre-market session, extending the 1% loss from the previous day.
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The Multilateral Alignment of Technology Controls on Hardware (MATCH) Act, which is being drafted in the U.S. House of Representatives, seeks to limit China’s access to advanced chipmaking equipment through curbs on exports. The MATCH bill aims to halt access to technologies such as ASML’s deep ultraviolet (DUV) immersion lithography — which uses light to print circuits on silicon wafers — to Chinese customers.
U.S. Bill Puts ASML in Spotlight
Such a move, if enforced by the Dutch government, could hit ASML’s revenue very hard, as China is a core market for the Netherlands-based company. During its final quarter of 2025, which ended December 31, systems sales in the Asian nation accounted for 36% of overall net revenue for the category.
It also comes as China has heavily ramped up its import of semiconductor manufacturing machinery, with imports reaching $51.1 billion in 2025, according to estimates. However, the U.S. legislators believe that the country should impose export controls to maintain its edge over China in artificial intelligence, including by leveraging diplomatic negotiations to align controls.
“While the United States has imposed extensive export controls to slow China’s semiconductor indigenization, U.S. allies have not fully matched these measures,” Congressman Michael Baumgartner noted in a statement last week. “This misalignment has left critical gaps that China continues to exploit.”
Is ASML a Good Stock to Buy?
On Wall Street, ASML Holding’s shares remain a Strong Buy based on analysts’ consensus rating. This breaks down to nine Buys issued over the past three months.
In addition, the average ASML price target of $1,672.82 implies about 27% upside from current trading levels.
