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I have the same issue! My P5 also stripped when fixing a watch band (watch band pictured with part of the bit still in it) Had to get a macro lens for my iPhone to even see the damage on it. I’m concerned by the quality of the other bits now - I’ve not used this specific bit for anything else, and it seems all the chrome stripped off and the underlying metal is all twisted out of shape. Cannot use it for anything now - seems like a serious problem!