Welcome back! Here’s the lowdown on the summer break

– Most semiconductor equipment manufacturers, including ASML and ASM, have become more cautious going into Q3. While the guarded stance could reflect a relatively minor shift in the timing of orders, it could also mark a slowdown in industry momentum as geopolitical risks and inflationary pressures weigh on supply chain efficiency and global economic growth. As consumer electronics sales may not come to the rescue any time soon, chip tool sales for now rely heavily on AI applications and demand from China – both of which come with risks.

– As if he didn’t have enough on his mind, Intel CEO Lip‑Bu Tan was forced to kiss the ring of US President Donald Trump, who had called Tan “highly conflicted” due to his former business ties with Chinese firms. After propping up relations in saving Intel’s manufacturing arm. While Tan appears committed to in-house production, he has warned Intel will not stay in the game at all costs.