The head of Europe’s largest chip company ASML said he expects demand for semiconductors to recover in the second half of the year as the company reported a record order backlog of over €40bn and forecast sales to increase by 25 per cent this year.
“The expectation of the duration of a potential recession in the minds of our customers is much shorter than the average lead time of our machines,” said Peter Wennink, chief executive of ASML. “They want to prepare — because of the strategic nature of our machines — for an upturn in the second half of the year and 2024.”
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