Five immersion deep-ultraviolet lithography machines are scheduled for delivery in China this year, with roughly twenty more planned across 2027. That is the operating scale behind a synchronized 7% intraday drawdown in ASML, Applied Materials, Lam Research and KLA — ASML’s steepest single-session fall since June, touching 8% at the lows before paring toward 5.75% into the final hour. The dislocation between those two numbers is the entire story, and understanding why the market was right to sell anyway is more useful than the arithmetic that says it overreacted.