Multiply - one node with multiple inpuits vs multiple nodes

Something that confuses me a little which is probably due to my lack of math-fu:
I got masked SDF, a remapped magnitude channel and noise field. I want to multiply them all together so that I only get the mask inside of the remapped magnitude, and the result of teh modulated by the noise.
I would expect the same result when I connect all three players to the same Multiply node, as when I use two Multiply nodes in a row like this (i.e. I thought E_Merge3 would produce the same result as E_Merge5:

The results are different though.

How come?