ASML Holding NV reported first-quarter orders that were almost a billion euros less than expected and warned it doesn’t know how to quantify the impact of recent tariff announcements that are threatening to upend the semiconductor industry.

The company has benefitted from an artificial intelligence boom that has seen tech giants invest billions of dollars in chips and data centres to power the emerging technology. This has allowed ASML to project revenue ranging between €44 billion and €60 billion in 2030.

ASML, the world's biggest supplier of computer chip-making equipment, said that tariffs were increasing uncertainty around its outlook for 2025 and 2026, but stood by its annual guidance as the race for AI rages on.