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.

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.

ASML has a virtual monopoly on the advanced machines used to manufacture the latest chips. That made it a popular stock to play the artificial-intelligence boom, but its American