ASML Holding NV Chief Executive Officer Christophe Fouquet said he expects a slow chip market recovery to extend “well into 2025,” following disappointing third-quarter earnings that sparked a broad selloff across the semiconductor industry.

Global chip stocks continued to slump after ASML warned the recovery for some areas of the industry would be slower than expected, raising fears among investors of a prolonged downturn in demand.

ASML Holding, the Dutch microchip-equipment maker, saw its stock slide after saying the market recovery for semiconductors will take longer than expected.

A day after a profit warning that rocked the stock market, executives at ASML Holding said the slower-than-expected recovery in the microchip market will have the sharpest impact on sales to China while having a relatively minor impact on sales of its most advanced systems elsewhere in the world.

ASML said it expects net sales for 2025 to come in between 30 billion euros and 35 billion euros ($32.7 billion and $38.1 billion), at the lower half of the range it had previously provided. CFO Roger Dassen warned that China is expected to account for around 20% of the company's total revenue for the next year.

Shares in semiconductor equipment maker ASML fell over 12% Tuesday after the Dutch company's results appeared to be released a day early. ASML said it expects its net sales for 2025 to come in at the lower half of the range it had previously provided,