But the chip market will recover and ASML's "fundamentals are still good, very good," he said. ASML dominates the market for lithography systems, machines costing hundreds of millions of euros each that are used by chip makers such as TSMC, Samsung and Intel to help create the tiny circuitry of chips. Dassen said ASML still had an order backlog of 35 billion euros and a strong 2025 would follow an uncertain 2024, given its customers' expansion plans in Asia, the United States and Europe.