How much exposure does asml have to China compared to lam

ASML has historically had a higher exposure to China compared to Lam Research. Here's a comparison of their China revenue and market share:

1. ASML's China Exposure:
   • ASML's net sales from China have accounted for a significant portion of its revenue in recent years.
   • In 2023, China contributed approximately 49% of ASML's revenue.
   • ASML expects China to account for around 20% of its 2025 revenues, which is a conservative estimate considering the potential for further restrictions.
2. Lam Research's China Exposure:
   • Lam Research's revenue from China was 39% of its system revenue for the April-June quarter, which grew by 90% year-over-year.
   • For the financial year 2023-2024, Lam reported revenues of $14.91 billion, down 14.5% year-over-year.
3. Comparison and Insights:
   • ASML's revenue from China has been significantly higher than Lam Research's, with ASML's China revenue exceeding $7 billion in 2023.
   • However, Lam Research has shown strong growth in its China revenue, indicating a potential for continued growth.
   • The recent U.S. and Dutch export restrictions have created uncertainty for ASML's China business, leading to a reduction in its 2025 revenue forecast.
   • In contrast, Lam Research has not faced similar restrictions and has been able to maintain its business in China.

In conclusion, while ASML has historically had a higher exposure to China, the recent export restrictions have created challenges for ASML's China business. Lam Research, although with less exposure, has shown strong growth in its China revenue and has not faced the same regulatory hurdles.