Investors will seek clarity on the risks posed by tariffs U.S. President Donald Trump plans to impose on the semiconductor industry when computer chip equipment maker ASML reports first-quarter earnings on Wednesday.

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.

Citi analyst Andrew Gardiner called the order miss “disappointing” and noted that uncertainty from tariff policy is weighing on outlook visibility. Barclays’ Simon Coles said ASML would need consistent quarterly bookings of €3–5 billion to meet market expectations but noted that key clients are holding back on major investments.