ASML Holding NV Chief Executive Officer Christophe Fouquet said he expects the chip market’s long-awaited recovery will extend “well into 2025,” following disappointing third-quarter earnings that sparked a broad selloff across the semiconductor industry.

Global chip stocks continued to slump after ASML warned the recovery for some areas of the industry would be slower than expected, raising fears among investors of a prolonged downturn in demand.

ASML Holding, the Dutch microchip-equipment maker, saw its stock slide after saying the market recovery for semiconductors will take longer than expected.

ASML Holding NV’s shares plunged the most in 26 years after it booked only about half the orders analysts expected, a startling slowdown for one of the bellwethers of the semiconductor industry.Most Read from BloombergInside the ‘Utopias’ of Mexico CityHow Mexico City Averted All-Out DroughtDubai’s Allure to Expats Is Weighing on City’s InfrastructureMexico Seeks to Halve Permitting Time to Attract More FactoriesWhat It Takes to Make City Solutions Go ViralThe Dutch company,

ASML’s disappointing bookings likely also factored into its share price slump today. A company’s bookings data helps track the value of the contracts it signed in a given quarter. For ASML, that number stood at €2.6 billion during the three months ended September, less than half the €5.6 billion that analysts had anticipated.

ASML's deep forecast cuts that sparked a global tech stock selloff signal overcapacity at chip factories rather than a slowdown in global semiconductor demand, analysts said. While the weaker 2025 sales outlook from the chip equipment maker on Tuesday raised fears of faltering global semiconductor demand,