ASML (ASML, Financial), a leading lithography machine manufacturer, saw its stock plummet dramatically amid reduced earnings forecasts. The company cited delays in chip factory constructions for the revised guidance, resulting in a market capitalization loss of over €60 billion ($65.3 billion). The orders received in the third quarter were also around half of analysts’ expectations.

ASML’s 16% stock drop marks its largest in 26 years, comparable to the single-day declines of Nokia and Vodafone Group during the dot-com bubble burst. The disappointing performance allowed SAP (SAP), benefiting from substantial cloud revenue growth, to become Europe’s most valuable technology company. SAP’s shares have risen 52% this year, driven partly by growing demand for AI applications.

This market cap shift marks the first time since 2020 that ASML has trailed SAP. SAP, focusing on integrating AI into its software to enhance efficiency for business clients, has announced a restructuring plan. The company is set to release its third-quarter earnings soon. SAP’s stock increased by 1.1% to €212.15, raising its market value to €261 billion.

Since reaching a peak in July, ASML’s stock has fallen over a third due to potential U.S. restrictions on its operations in China and overall weakness in the semiconductor sector. The index fell by 5%. ASML’s clients, such as Intel, are cutting costs, delaying plans for factories in Germany and Poland, while memory chip manufacturers like Samsung Electronics are also closely monitoring their expenditures.

Compounding ASML’s situation was the premature release of its financial results, attributed to a technical error. The company will conduct an investor call in Amsterdam to discuss these developments.