ASML’s lithography machines are renowned for their unmatched precision in manufacturing semiconductors. The $260 billion company’s first-quarter results offer a similarly precise reflection of the deep uncertainty facing the global chip industry as it grapples with U.

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.

The chip industry has cashed in on the artificial-intelligence bonanza, but with tariffs and export restrictions in play, investors shouldn’t be so sanguine about AI’s ability to keep filling the revenue cup,