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ING reported that ASML’s direct contribution to the Dutch economy is expected to be 1.6% this year, driven by the AI boom, but it also highlights the risks of the Netherlands’ increasing dependence on a single company.
ING economists released a report today saying chip equipment maker ASML’s direct contribution to the Dutch economy is expected to reach 1.6% this year from 1.3% in 2025, highlighting the Netherlands’ growing dependence on ASML.
Reuters reported that ASML equipment is an essential tool for manufacturing cutting-edge computer chips, and surging demand for artificial intelligence (AI) has pushed the company’s market value to 547 billion euros (about US$613 billion), making it Europe’s most valuable company.
Europe has lagged behind the United States and Asia in the global technology boom, and former European Central Bank President Mario Draghi has warned that Europe’s position in the growth technology sector is rapidly weakening.
But ING reports that the Netherlands is an exception. The report’s authors wrote: “Thanks to ASML and its surrounding industrial ecosystem, the Netherlands holds a leading position in the AI-driven technology boom and has reaped considerable economic benefits from it.”
Although ASML has contributed greatly to the Dutch economy, ING researchers warned that the Dutch economy is becoming increasingly dependent on a single company, citing Finland’s former high dependence on Nokia as an example.
The report’s authors wrote that at its peak around 2000, Nokia’s production accounted for 3.8% of the Finnish economy; However, having missed the smartphone revolution, its share dropped to 0.5% after 10 years.
A 2023 study by the Organization for Economic Co-operation and Development (OECD) reported that Nokia’s decline is related to a slowdown in Finland’s overall economic productivity growth.
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ING economists estimate that ASML’s direct contribution to the Dutch economy could reach 1.6% this year, up from 1.3% in 2025. The report believes that this reflects the demand for AI driving the development of chip equipment and peripheral industries, making the Netherlands one of the beneficiaries.
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Because the equipment produced by ASML is an indispensable equipment for advanced chip manufacturing, the strong demand for AI has increased chip investment, causing its market value to reach 547 billion euros, surpassing other European companies and becoming the company with the highest market value.
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ING warned that the Dutch economy was becoming increasingly dependent on a single company. If ASML faces industrial changes in the future, it may repeat Finland’s heavy reliance on Nokia. Nokia’s share in the Finnish economy once fell from 3.8% to 0.5%, leading to a decline in productivity growth.
