Japanese optical giant Nikon released its performance forecast for the fiscal year 2025, projecting a staggering loss of up to 85 billion yen, marking the worst-ever record in its history. Its lithography machine business has hit a dead end, with only 9 outdated devices shipped in the past six months, lacking any competitiveness in the high-end market. During the same period, Dutch company ASML shipped 160 lithography machines, including over 20 high-end EUV lithography machines, highlighting a significant technological gap. Nikon once held nearly 40% of the global lithography machine market share, but now it has plummeted to single digits, being far outpaced by ASML and Canon. The reasons for its losses include technological missteps, over-reliance on a single customer, failure to timely explore new markets, and the backlash from Japan's close alignment with the U.S. in tightening semiconductor export controls.