ASML CEO Christophe Fouquet Photographer: Hollie Adams/Bloomberg The Dutch firm’s shares fell as much as 11% to €630.70 in Amsterdam on Wednesday, the biggest intraday decline since Jan. 27.

ASML 's (ASML -1.85%) stock has swung wildly and is now down about 40% from its 52-week peak, as fresh export-control rules cloud the outlook for the Dutch lithography titan. I break down ASML's ...