A lot of their biggest customers are American companies like Intel, Microchip, and TI. About the only chip companies that don’t buy from ASM are the ones that are prohibited from it (the PRC ones, basically). This means that, despite Intel and TSMC building new fabs in the US, they’re not buying the machines to operate them, or at least fill them.
During the 2008 recession, Intel built new fabs due to an Obama administration tax incentive, but they didn’t put production tools in them for about a decade. They’re going to build just enough and do just enough to get their Biden Bucks and that’s it. Right now, probably a third of the US semiconductor industry workers are getting paid to chill while the bosses figure out what’s happening next.
Quds vs Chuds