Steering ASML Through the World’s Toughest Technological Crosswinds

Photo Copyright© Bart van Overbeeke, 2018. ©ASML

When Peter Wennink stepped down as CEO of ASML in April 2024, he left behind a legacy that transcended the semiconductor industry. Under his stewardship, ASML not only became Europe’s most valuable technology company but also a pivotal player in the geopolitical tug-of-war between the United States and China.

Wennink, never one for the limelight, nonetheless carved out a voice that echoed beyond Veldhoven. His perspective was clear: the semiconductor market is not merely about selling machines; it’s about enabling the digital backbone of the future while threading through the minefield of global politics.

“The discussions in Washington and elsewhere”, he told Dutch radio station BNR shortly after his retirement, “are not being conducted on the basis of facts… but on the basis of ideology”. He foresaw the U.S.-China chip dispute as “far from a short skirmish” and predicted it would “go on for a while”.

This skepticism towards ideologically driven politics shaped Wennink’s approach to ASML’s role. ASML’s lithography machines are the lifeblood of advanced chip production, essential for data centers, high-performance computing and the AI revolution. While governments wrestled with export controls and subsidies, Wennink kept his focus on customer needs and global demand.

Even as Western export restrictions tightened, especially on sales to China, Wennink pushed back against policies he believed could backfire. “Cutting off access completely would only strengthen China’s resolve to develop its own technology”, he warned, a stance rooted in ASML’s long-standing presence in China. “I’m a friend to my customers, to my suppliers, to my employees, to my shareholders”, he reiterated, countering simplistic narratives.

Yet, he was not naive about the limits of engagement. Geopolitical tensions, he acknowledged, were here to stay and ASML would need to play a long game. This dual awareness—of markets as both economic and political arenas—defined ASML’s measured, long-term strategy.

Wennink’s market worldview was equally pragmatic. Despite the semiconductor industry’s boom-and-bust cycles, he saw enduring demand driven by electrification, AI and digitalization. “In 2025… the rise of AI will become noticeable because for AI you need chips with both computing power and memory—and those are the chips ASML’s machines make”, he told reporters, well before many predicted a rebound.

However, he was blunt about Europe’s own ambitions. When the European Commission set a goal to capture 20 percent of chip manufacturing by 2030, Wennink labeled it “totally unrealistic” noting that Europe’s share was closer to 8 percent and that capacity planning was misaligned with the ambition.

This frankness extended to his view of Europe’s innovation landscape. He urged European companies and governments to collaborate more aggressively and simplify regulations to catch up with the United States. “Strong research institutions and creative engineers are Europe’s assets”, he said, “but without capital markets and policy frameworks that support bold ventures, they risk underperformance”.

Despite ASML’s Dutch roots—driven by regional clusters of suppliers, engineers and institutions like Eindhoven University of Technology—Wennink’s perspective was decidedly global. He warned against restrictive labor migration policies, stating, “ASML will go where we can grow and best serve our customers”.

His global outlook persisted post-retirement. In late 2025, a government-commissioned report he authored called for the Netherlands to invest €150 billion in strategic technologies like AI and biotechnology, arguing that without such investment, future prosperity was at risk. He also advocated for bold reforms to labor markets and innovation policy to ensure Europe’s competitiveness.

ASML itself has reflected this forward-thinking approach. Its €1.3 billion investment in France-based Mistral AI and a strategic partnership to integrate AI across its product portfolio signal a shift towards areas once peripheral to its core business. This move underscores the understanding that machine intelligence and chipmaking are now inseparable—and that Europe must be part of this evolution.

Peter Wennink’s tenure was marked by a rare blend of technological insight and geopolitical savvy. He viewed markets as living ecosystems, shaped by policy, customer needs and global currents. His legacy, embodied in ASML’s strategy, is one of cautious optimism: a steadfast commitment to innovation, a push for global market access and a belief that Europe can still play a central role in the technologies defining this century.