On June 26, ASML fell 3.04% in pre-market trading to $1,785.61 per share, with turnover of $33.41 million, retreating after gaining over 4% in the prior session on Micron's earnings beat and multiple analyst upgrades.

On the news front, reports emerged that US government-backed startup xLight is in talks to raise $350 million to develop free electron laser technology as an alternative to ASML's EUV lithography systems. The US government has already invested $150 million through the CHIPS and Science Act. Led by former Intel CEO Pat Gelsinger as executive chairman, xLight plans to lobby ASML, TSMC, Intel, and Micron to participate in the funding round. ASML CEO Christophe Fouquet confirmed the company is cooperating with xLight on technology demonstrations.

The broader semiconductor equipment sector is declining broadly, with Lam Research down 4.01%, KLA-Tencor down 3.92%, Teradyne down 3.86%, Applied Materials down 3.01%, and MKS Instruments down 2.51%.

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