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.

At 5:21pm Eastern on Friday, Anthropic received a directive from the U.S. government ordering it to suspend all access to its two most capable models, Fable 5 and Mythos 5, for any foreign national — inside or outside the country, including the company’s own foreign-born employees. Because no consumer AI company can sort its users by nationality in real time, the practical effect was a hard kill switch. By the time most people noticed, both models were already dark for everyone.