In a story that looks to never end, the US efforts to impede China's semiconductor industry generated a new reaction from the Netherlands, where ASML's CEO Peter Wennink recently said it was "logical" that China would try to develop its own semiconductor equipment if restricted from importing equipment from major manufacturers, according to a Reuters report.

ASML is actually Europe's largest technology firm by market capitalization, according to the Reuters report. It competes with Silicon Valley perennials Applied Materials and KLA, among a few other companies.

Wennink spoke publicly at ASML's annual meeting. He said ASML was the clear leader in its space and generally not worried about competitors in the US, Japan, or China. "But it can happen of course,” he reportedly said, “so it is absolutely essential that we get to keep having market access to China. Market access is as important to us as it is to our Chinese customers," he said. He also noted his opinioin that the global chip market will double to more than $1 trillion in revenue by 2030.

Photo of headquarters by ASML.