2020 was a crazy year for ASML. Between COVID outbreaks and worldwide economic instability, ASML found itself juggling whipsawing customer demand. 

TSMC lost Huawei as a flagship customer. As a result, they did not need so many EUV machines and they cut their allocation.  

Then, Intel delayed their roadmap by 6-12 months, and the EUV order book shrank yet further. 

Suddenly, ASML found itself making more EUV machines than their customers needed. So they cut their 2021 budget. They told their entire supply chain to hunker down. 

Well, you know what happened next. The economy came roaring back and everyone needs chips now.