ASML shares fell as much as 8.2% intraday on July 28, according to TechNews, after The Information reported an unnamed Chinese state-backed firm had begun mass-producing DUV lithography tools. Reuters had earlier put the move at 4.6%, per CNA. The same report, however, cited planned 2026 output of just 5 units versus ASML's 130-unit annual capacity.
What did The Information report actually say, and how would China produce these tools?
The selloff traces back to a single story. As TechNews reported, "此次股價大跌主要源於外媒The Information的一篇報導，稱中國已開始量產能夠與ASML競爭的深紫外光微影設備（DUV）" — the stock drop was driven by a report from The Information stating that China had begun mass-producing DUV (deep ultraviolet lithography) equipment capable of competing with ASML (E2).
CNA, citing the same Information report, added a delivery timeline: the outlet's sources said the tools "預計這些DUV設備將於今年交付中國主要晶片製造商，包括中芯國際、華虹半導體及長鑫存儲" — the equipment is expected to be delivered this year to China's major chipmakers, including SMIC (中芯國際), Hua Hong Semiconductor (華虹半導體), and CXMT (長鑫存儲) (E8). CNA's version of the story is dated July 27, one day ahead of TechNews' July 28 coverage.
How much did ASML shares fall — and how wide was the market reaction?
The two outlets in the evidence pack report different figures on different days, which itself maps the market's reaction over time. CNA, citing Reuters, reported that "消息傳出後，ASML股價應聲下跌4.6%" on July 27 (E9). By July 28, TechNews reported the decline had widened intraday: "荷蘭半導體設備大廠艾司摩爾（ASML）於28日在美股的股價遭遇重挫，盤中跌幅一度高達8.2%" (E1).
The reaction was not limited to ASML. CNA, citing Bloomberg News, reported that U.S. equipment makers moved in tandem: "美國半導體公司應用材料（Applied Materials）、科林研發（Lam Research）及科磊（KLA）公司分別下跌4%、4.3%及3.5%" (E10).
| Company | Reported decline | Source |
|---|
| ASML (initial move, July 27) | 4.6% | Reuters, via CNA |
| ASML (intraday, July 28) | up to 8.2% | TechNews |
| Applied Materials | 4% | Bloomberg, via CNA |
| Lam Research | 4.3% | Bloomberg, via CNA |
| KLA | 3.5% | Bloomberg, via CNA |
How big is the Chinese manufacturer's actual output — and who is behind it?
The Information's report, as relayed by TechNews, identifies the producer only in general terms: "這些設備是由一家未具名的中國國家支持企業所製造" — an unnamed, state-backed Chinese company (E3).
The same report also supplied production figures that narrow the scale of the threat considerably: "該中國新企業的產能有限，2026年預計僅能生產5台設備，2027年目標為20台" — the new Chinese entrant is expected to produce just 5 units in 2026, with a 2027 target of 20 units (E6).
How exposed is ASML financially — what do the DUV revenue and China sales trends show?
TechNews' coverage lays out ASML's own disclosed trend lines on both fronts, and both point the same direction — down.
On revenue mix: "DUV占ASML總營收的比例已從2024年的44%、2025年的42%，顯著下降至上一季的29%" — DUV's share of ASML's total revenue fell from 44% in 2024 to 42% in 2025, then to 29% in the most recent quarter (E4).
On geographic exposure: "對中國的銷售占比也從2024年的41%、2025年的33%，驟降至上一季的僅14%" — the China sales share fell from 41% in 2024 to 33% in 2025, then to 14% in the most recent quarter (E5).
| Metric | 2024 | 2025 | Most recent quarter |
|---|
| DUV share of ASML total revenue | 44% | 42% | 29% |
| China share of ASML sales | 41% | 33% | 14% |
How is ASML responding — what capacity does it already have and plan to add?
TechNews' report also puts the Chinese entrant's output against ASML's existing scale: "ASML目前每年具備生產130台DUV設備的龐大產能，且管理層計劃在2027年將產能提升30%，並在2028年可能再進一步增加30%" — ASML currently produces 130 DUV units per year, with management planning a 30% capacity increase in 2027 and a possible further 30% increase in 2028 (E7).
What this means
The reported figures sit next to each other awkwardly. The stock reaction moved from a 4.6% drop on the day Reuters first reported the story (E9) to an intraday decline of up to 8.2% by the time TechNews covered it the next day (E1) — even as the same underlying report describes a competitor planning to build 5 units in 2026 and 20 in 2027 (E6), against ASML's existing 130-unit annual run rate and plans to add 30% more capacity in both 2027 and 2028 (E7). Meanwhile, ASML's own disclosed numbers show its DUV revenue share and China sales share were already sliding — from 44%/41% in 2024 to 29%/14% in the most recent quarter — before this report surfaced (E4, E5). The four U.S. equipment makers named in the coverage (ASML, Applied Materials, Lam Research, KLA) all fell within a comparable 3.5%–8.2% band on the same news (E1, E9, E10), suggesting the market treated this as a sector-wide signal rather than an ASML-specific one.