South Korea Overtook China as ASML’s Largest Market Last Quarter

South Korea emerged as ASML Holding NV’s largest market in the first quarter as the country’s memory chip makers increase purchases to address chronic shortages stemming from the artificial intelligence boom.

Shipments of the Dutch company’s chipmaking tools to South Korea surged in the first quarter to 45% of net system sales, compared to 22% in the preceding three months. That works out to sales of €2.84 billion ($3.34 billion) in the most recent quarter, up from €1.67 billion.