ASML and Tokyo Electron Shares Fall as MATCH Act Advances; Semiconductor Equipment Stocks Rattled

Shares of ASML, Applied Materials, Tokyo Electron, and other semiconductor equipment makers fell on April 7 as Wall Street assessed the potential impact of the Multilateral Alignment of Technology Controls on Hardware (MATCH) Act, introduced on April 4. The bill, which would require allied countries to adopt binding chip equipment export controls matching US restrictions, could significantly reduce the serviceable market for ASML's DUV immersion lithography systems and Tokyo Electron's deposition and etch equipment — which China is still legally importing in large volumes. ASML CEO Christophe Fouquet warned publicly that overly broad controls would 'damage European competitiveness without stopping China's semiconductor ambitions', echoing his predecessor Peter Wennink's long-standing position. Tokyo Electron's CEO noted that China now represents approximately 40% of its revenue and that such restrictions would require a substantial company restructuring. US-listed semiconductor equipment stocks fell 2-5% on the news. The selloff reflects investor recognition that the bipartisan political momentum behind tighter China chip controls is growing, even as equipment manufacturers warn of collateral damage to allied-nation companies.