ASML Holding NV Chief Executive Officer Christophe Fouquet said he expects a slow chip market recovery to extend “well into 2025,” following disappointing third-quarter earnings that sparked a broad selloff across the semiconductor industry.

ASML Holding, the Dutch microchip-equipment maker, saw its stock slide after saying the market recovery for semiconductors will take longer than expected.

Chip stocks in Europe and Asia continued to fall Wednesday after Dutch semiconductor-equipment maker ASML Holding warned the recovery for some areas of the industry could extend well into next year, raising fears among investors of a prolonged downturn in demand.

ASML’s shares plunged the most in 26 years after it booked only about half the orders analysts expected. The Dutch company lowered its guidance for 2025 and reported bookings of €2.6 billion ($2.8 billion) in the third quarter,

The company posted orders below analysts’ expectations as chip makers held back spending on key production equipment.