Hurt its R&D budget right when Chinese competitors are going to emerge from the woodwork to start eating at market share. I’d be curious to know how much of ASML’s revenues come from orders of top of the line machines vs parts and services for older machines, or even new production of older machines

I’m guessing the issue is that companies with fabs already have machines, and now they don’t need more because demand for chips is down due to sanctions on China

It’s actually not that high in the context of building fabs. New ones always cost hundreds of billions, and the margins tend to be pretty thin, so companies make money by selling large volumes. This is why US investments in trying to reshore chips are so laughable, this article is a great explanation of how the industry works https://compactmag.com/article/fighting-a-chip-war-on-the-cheap