ASML

ASML is the Dutch semiconductor equipment manufacturer that holds a global monopoly on extreme ultraviolet (EUV) lithography machines — the tools required to produce the most advanced semiconductor chips. No company in the world can manufacture cutting-edge AI accelerators without ASML's equipment.

ASML's EUV machines use 13.5nm wavelength light to etch transistor patterns at scales below 7nm, enabling the production of chips like NVIDIA's H100/B200, Apple's M-series, and AMD's latest processors. Each machine costs over $200 million and requires years to produce. The company's next-generation High-NA EUV systems will enable sub-2nm process nodes.

ASML occupies an irreplaceable position at the very foundation of the AI hardware stack. Without EUV lithography, the advanced chips that power the entire agentic economy simply could not exist.