Shares of ASML declined nearly 7% after the company issued a cautious outlook for 2026, citing macroeconomic and geopolitical uncertainties. The firm highlighted the potential impact of tariffs, particularly those threatened by Trump against EU goods, on its growth prospects. While demand for AI-related equipment remains strong, interest in legacy chipmaking tools has softened. The company also narrowed its 2025 sales forecast and emphasized the unclear effects of current trade tensions.