ASML’s Big Bet on China Is Starting to Backfire Over Data Thefts
- CEO Wennink has invested heavily on expansion in China
- Recent data thefts risk triggering tougher curbs on exports
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In the 10 years that Peter Wennink has run ASML Holding NV, China has gone from a rounding error to the chip-technology company’s third-biggest market. After new revelations about data theft linked to the country, questions are now mounting over the risks associated with that growth.
ASML’s chief executive officer has been steadfast in defending the company’s business there. Even after ASML’s own lawyers argued in court that ex-employees stole intellectual property as part of “a plot to get technology for the Chinese government,” the Dutch company publicly downplayed the issue. It suggested it wasn’t a victim of espionage but of rogue Silicon Valley staffers “who had broken the law to enrich themselves.”