Chip Wars Boost Europe’s Top Tech Company—for Now

The more the U.S. government worries about China’s ambitions in the chip industry, the more equipment for making chips that China seems to buy.

When ASML, the Dutch company that makes the world’s most advanced lithography machines for manufacturing microchips, reports fourth-quarter results next week, one of the most eye-catching numbers will be the share of sales it made in China. This reached an extraordinary 46% in the third quarter, up from just 8% in the first three months of the year.