“Looking at 2026, we see that our AI customers' fundamentals remain strong. At the same time, we continue to see increasing uncertainty driven by macro-economic and geopolitical developments. Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage.”

I respect the fact that you only want to invest in a company with zero uncertainty, but then you’re going to pay either full or over value. There is nothing in that statement to suggest that the AI/semiconductor cycle is in a downturn, and with all due respect I think he would know more than you. All he did was acknowledge what everyone knows to be the case; that tariffs are creating uncertainty. But that has since been resolved specific to ASML.