This one will make you sit up. Shares of ASML are taking a dive after the Dutch chip equipment maker said they may not see growth next year because of tariff uncertainty.

Deirdre Bosa here for tech check. And Deirdre, this is the sort of chip machine maker.

So if they're not doing well, and it's not just today they've been down like 20% the past few months, then how can the rest of the AI space be doing well?

That's exactly the question. AsML is one of one. It is the choke point in advanced chip

manufacturing. The only company in the world, in fact, that makes the tools needed to produce

cutting-edge semis. So its warning raises concerns for the broader AI trade, which has largely

been smooth sailing lately. Invidia at $4 trillion, massive data center buildouts,

capax rising, strong sentiment.

But now, ASML, maybe a reminder that friction could be building at the infrastructure level.

If fab tools get tangled in tariffs, that could threaten timelines, cost structure,

even the geographic balance of AI hardware buildout.

So that's why you're seeing this news hit not just ASML today, but the semi and tech trade

at large potentially cracks in the story.

Now, there could be another longer-term boomering impact on U.S. chip strategy if ASML's

tools get caught up in tariffs.

That is, the strategy is to bring more chip production back onshore to reduce the on U.S. chip strategy if ASML's tools get caught up in tariffs.

That is, the strategy is to bring more chip production back onshore to reduce reliance on Asia,

push chip manufacturers to build here, build domestic fabs.

But those fabs, they can't function without ASML gear.

And if tariffs slow or complicate those shipments, Kelly, that undercuts the effort. And it could give

non-American companies, Samsung, TSM, more incentive to expand elsewhere, even though they have

plans here. So bottom line, this all risks leaving America dependent on foreign supply, just as

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