We visited Veldhoven and met Christophe Fouquet, CEO at ASML, and Marcel Kemp, VP Investor Relations, on August 21. Key takeaways include: 1) AI is set to remain a strong driver, with the associated need for more advanced semis, 2) While uncertainty remains given macro conditions, industry developments post 2Q results could be positive, 3) China demand remains strong and is likely to normalise gradually, 4) Confidence in inflecting litho intensity post GAA transition, and 5) Latest Chinese alternative to EU ...