Emerging China threat puts a scare into AI hardware stocks. Is the ‘picks and shovels’ trade breaking down?

MarketWatch•Tue, Jul 28, 2026, 11:40 AM•2 min read

Asian stocks sold off sharply on Tuesday amid reports that China is now capable of manufacturing DUV lithography machines.

Source: [MarketWatch](https://www.marketwatch.com/story/picks-and-shovels-trade-comes-unstuck-as-ai-hardware-stocks-plunge-on-competitive-threat-from-china-41a0c2b4?mod=mw_rss_topstories)

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