ASML Holding NV shares tanked along with global technology stocks on Monday as Chinese artificial intelligence startup DeepSeek sparked fear over Western technological dominance.

ASML’s shares dropped as much as 8% in overnight trading. The technology heavy Nasdaq 100 futures index slumped 3%.

The Dutch company makes machines needed to produce high-end chips that power everything from electric vehicles to military gear, and it’s benefited from a surge in AI spending.

Semiconductor shares tumbled; Nvidia, Broadcom, TSMC, ARM, Astera Labs and Marvell fell 6%.