Chinese companies have imported around $26 billion worth of semiconductor manufacturing equipment, according to new trade data released by China’s General Administration of Customs this week.

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In a new report from Bloomberg, we’re finding out that Chinese imports of semiconductor equipment hit a new record for the first 7 months of 2024, as Chinese companies are racing to increase pricing in case the United States and its allies continue to block them from purchasing semiconductor-related equipment.

ASML makes the world’s leading-edge High-NA EUV lithography machines, used by semiconductor giants TSMC, Samsung, and Intel has been a recent — and big-paying — customer of ASML’s machines. ASML is based in the Netherlands, and wouldn’t you know, shipments from ASML to China surged 21% in Q2 2024 to almost half of ASML’s total revenue.

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ASML is the sole supplier of most of the advanced lithography equipment to make the most bleeding-edge chips on the planet, with China’s Semiconductor Manufacturing International Corp. has been using older-generation ASML lithography machines, hitting a technological breakthrough last year, reports Bloomberg News.