Advances in AI and a global buildout of data centres have led chipmakers to expand capacity rapidly. ASML supplies tools to TSMC, which makes chips for Nvidia, as well as to memory chip makers like SK Hynix, Samsung and Micron.

On the one hand, US controls on exports of high-tech goods to China are threatening to reduce access to a major market; and on the other, Beijing's push for technological…

Advances in AI and a global buildout of data centres have led chipmakers to expand capacity rapidly. ASML supplies tools to TSMC, which makes chips for Nvidia, as well as to…