ASML's boss has a warning for Europe

Nationalisation vs Corporate Power

• Some argue critical firms like ASML should be immediately nationalised to stop “corporate blackmail” and let Europe set its own policy, including exports to China.
• Others push back that state-run firms historically perform poorly due to political interference and implicit guarantees, disputing that nationalisation improves outcomes.
• Debate over “poison pill” defenses: some say companies could self-destruct to block state control; others note such mechanisms are often illegal under EU takeover rules and that knowledge-intensive firms are fragile if management walks.

Europe Between the US and China

• A strong thread criticizes Europe for following US export bans on China despite open US hostility to the EU; they argue the EU should define its own China policy and not be “a pawn” in the US–China rivalry.
• Counter-arguments claim China is already economically “at war” with Europe via undercutting prices, laxer environmental rules, hacking, and IP extraction – so limiting Chinese tech advances protects European jobs and living standards.
• Others counter that this is zero-sum thinking: European firms can benefit by partnering with China, just as they previously outsourced industry to China and tech leadership to the US without catastrophe.

ASML’s Position and Leverage

• Several readers see the CEO’s warning as mainly about regaining access to the Chinese market after US-led restrictions and shoring up share price/bonuses.
• Others note ASML and the EU do have leverage because US chip controls depend critically on ASML tools, though ASML also depends on US components and IP, making a “game of chicken” risky.

Relocation Threats and Talent Mobility

• Skepticism about ASML relocating: where would it go that’s free of US export pressure—US, China, or a third country?
• Some argue US remains attractive for highly paid engineers (higher net pay, better elite healthcare), so relocation to the US is a credible threat.
• Others highlight US political risks, especially for immigrants and free speech, and suggest Europe’s social model and decent living standards often outweigh salary differences.

Strategic Autonomy and Defense Context

• A longer comment situates ASML within a broader European rethink: more IC fabrication in Europe, reduced reliance on US military and cloud-dependent systems like the F‑35, growth of European defense capabilities, and diversification of satellite and internet dependencies.
• Discussion stresses that Europe’s primary security concern is Russia, not China, and that shifting alliances and supply chains are forcing the EU to clarify its own long-term interests.

US Leverage: Patents and Supply Chain

• US influence partly stems from ownership of key EUV source patents and crucial components/software in ASML’s supply chain.
• Some note patents expire and that China is reportedly developing its own EUV sources, potentially reshaping who controls the chokepoints in future.