ASML: The Bottleneck Behind the AI Boom

ASML develops machines that enable semiconductor manufacturers to transfer tiny circuits onto silicon wafers. The Dutch company earns from the sale of these lithography systems as well as from maintenance, software, and technical upgrades of already installed facilities. With the exposure to extreme ultraviolet light, or EUV, ASML is the sole supplier worldwide. This technology allows for particularly powerful and energy-efficient chips. The close collaboration with customers and specialized suppliers creates high entry barriers. Structural growth...