On the one hand, US controls on exports of high-tech goods to China are threatening to reduce access to a major market; and on the other, Beijing's push for technological independence in areas such as chip production raises the possibility of a China-based competitor.

ASML stock tumbled on a report of competition emerging in China. It was among the biggest losers on the Philadelphia semiconductor index.

ASML stock dropped to its lowest since June after a Chinese consortium began producing homegrown DUV lithography machines, raising concerns about

On the one hand, US controls on exports of high-tech goods to China are threatening to reduce access to a major market; and on the other, Beijing's push for technological…