South Korea Overtakes China as ASML’s Biggest Market in Q1 2026

Market shake-up

It has been reported that ASML, the Dutch maker of the world’s most advanced chipmaking tools, saw South Korea eclipse China as its largest market in Q1 2026. Shipments to South Korea accounted for 45% of ASML’s net system sales — about €2.84 billion — up sharply from 22% in Q4 2025. That’s a seismic pivot in just one quarter. Surprise? A little. Momentum? Big.

Why it matters

Analysts say the move underscores how memory-industry investment in South Korea — think Samsung and SK Hynix — is reshaping demand for extreme ultraviolet (EUV) and other advanced lithography systems. It has been reported that Chinese orders cooled, and export restrictions plus shifting capex priorities likely played a role. In short: where the chips are being built, the machines follow.

Bigger picture

This isn’t just about quarterly math. It’s a reminder that geopolitics, supply chains and product cycles can reroute billions of euros of tech equipment in months rather than years. For ASML, which sits at the center of the semiconductor supply chain, the customer map is now visibly different — and investors and policymakers will be watching whether this is a sustained reordering or a volatile quirk of Q1.

Sources: bloomberg.com