This is total speculation on my part, but my concern is in all...

This is total speculation on my part, but my concern is in all the presentations they have been putting forward they cite, 'Net Zero,' and 'building an alternate supply chain.' Look at the presentation today, 'Towards net zero.' This doesn't tell me, 'buy our stuff because it's good quality and cheap.' To me it translates into pushing the warm fuzzy crapola of being nice to the environment... at a cost. In reality customers want these materials in bulk and as cheaply as possible. Unless you get some insane government intervention then why would companies buy from ASM who are up against cheap cheap china?

From a personal perspective I buy containers of stuff overseas all the time. Lots of aluminium, lots of fabrics, components... I have bills to pay, wages to dish out and yes I have to make a profit. I also have to be competitive in the marketplace and from my experience I find that most end consumers just want to put more money in their back pocket. Do I care if the aluminium I buy is sourced from a plant that is a using dirty coal to power its generator? Of course not. By the way for almost everything I buy in China now produces better quality product than anyone else, (more exactly specification, less quality concerns etc etc). People like having a go at China but like Japan in the 70's they are just getting better and better.

So has ASM built itself on the hope that customers are willing to pay more for essentially the same product? If so I have concerns and this could be the reason why they haven't signed anyone of substance up. Their top line of their profit and loss is non existent, (essentially no sales). Our only hope now is for China to invade Taiwan... unless my speculation is incorrect, (and I hope it is).

Sorry for the ramble... but this is now the worst performing holding I have by a country mile.