Key Highlights

● ASML fell in both European and U.S. trading on Friday, October 30, 2026.

● Its U.S.-listed American depositary receipts fell further.

● Applied Materials and Lam Research also fell sharply.

● The Philadelphia Semiconductor index closed at 10,688.80.

ASML Holding (NASDAQ:ASML) dropped on Friday, October 30, 2026, as the chip rout crossed the Atlantic. The Veldhoven, Netherlands-based maker of the lithography machines used to print the most advanced chips fell in European trading, and its US-listed American depositary receipts fell further. Reports put the US decline as steeper than the European one. There was no ASML-specific news; the stock moved with its sector.

Equipment makers were among the hardest-hit groups. Applied Materials (NASDAQ:AMAT) and Lam Research (NASDAQ:LRCX) fell sharply as investors questioned how long AI-driven Capital spending will last, according to reports. The Philadelphia Semiconductor Index closed at 10,688.80 after a steep fall.

Intel lit the fuse

The selling began with Intel (NASDAQ:INTC). The chipmaker issued fourth-quarter Revenue guidance of $15 billion to $16 billion, below consensus near $17.3 billion, and warned it would burn cash this year. It pointed to a weak PC market tied to memory prices, Manufacturing hurdles, heavy production spending and an explosion at its Kiryat Gat fab in Israel that Market data said cut fourth-quarter revenue by about $300 million.

Intel's stock had its steepest one-day drop on record, according to market data. One analyst called the guidance "a perfect storm."

Intel is one of the world's largest chip manufacturers, and its warning about cash and production spending put the whole equipment Supply chain in focus.

Spending doubts

Amazon (NASDAQ:AMZN)'s third-quarter report sharpened those worries. Trailing 12-month free Cash Flow was negative $42.4 billion, against positive $14.8 billion a year earlier, though the company held 2026 capital spending at about $220 billion and signaled another increase next year. Alphabet (NASDAQ:GOOGL)'s free cash flow of negative $9.1 billion in the third quarter had already triggered its worst day ever on Thursday.

"Together, Amazon, Google, Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META) spent more than $200bn in the third quarter alone," a market analyst said.

Taiwan Semiconductor (NYSE:TSM), a major ASML customer, fell with the sector, as did Advanced Micro Devices (NASDAQ:AMD), Broadcom (NASDAQ:AVGO), Micron (NASDAQ:MU) and Nvidia (NASDAQ:NVDA), which closed at $204.64 after losing about $185 billion in market value, according to market data.

Index damage

The Nasdaq Composite dropped 747.73 points to 25,437.00, its worst day since June 5, and the Nasdaq-100 closed at 28,384.85. The S&P 500 fell 140.32 points to 7,580.07 and the Dow Jones Industrial Average lost 572.25 points to 51,770.31. Technology was the worst sector in the S&P 500, while energy, staples, utilities and health care rose.

A senior market analyst said: "strong AI Demand is no longer enough on its own." A senior market strategist said the tech decline "does not appear abnormal" compared with earlier bull-market pullbacks.

The day capped a difficult October for chip stocks and for the Nasdaq, which posted its worst month since March 2025, according to market data.

What to watch

For ASML, the focus is on whether chipmakers and cloud spenders hold their Investment plans after a week of cash-flow warnings. Commentary from Taiwan Semiconductor and other customers on capacity will be closely followed.

On the US calendar, Apple (NASDAQ:AAPL) and Palantir (NASDAQ:PLTR) report on Monday, November 2, Qualcomm (NASDAQ:QCOM) on Wednesday, November 4, and the October jobs report arrives Friday, November 6. The midterm elections are Tuesday, November 3. Markets have priced in a December Fed rate hike, keeping interest rates in the backdrop for richly valued technology stocks.