Despite AI chip boom and record high stock price, ASML to lay off employees — company to streamline IT and Technology departments, proposed cuts mostly affect leadership roles

ASML, a key player in chipmaking tools, plans to lay off employees despite a strong AI chip market and high stock prices. The company aims to streamline its Technology and IT departments, transitioning to a more product-focused engineering structure. The proposed cuts will mainly impact leadership roles, with 1,700 positions expected to be eliminated, primarily in the Netherlands and the United States. ASML's decision contrasts with industry trends of job cuts driven by AI and automation, with this move focusing on efficiency and innovation amidst company growth.