Investment Thesis for ASML (ASML Holding N.V.)
Company Overview: ASML Holding N.V. (ASML) is a Dutch global monopoly leader in the semiconductor equipment industry, specifically in lithography systems, which are critical for manufacturing advanced microchips. Its flagship product, Extreme Ultraviolet (EUV) lithography machines , is essential for producing high-performance chips used in everything from smartphones to data centers and AI applications. Key Investment Highlights: Market Leadership and Competitive Moat: ASML has an unrivaled position in the semiconductor lithography market, especially in EUV systems, with no competitors currently able to offer comparable technology. The company’s EUV technology is crucial for advanced semiconductor nodes (e.g., 5nm, 3nm), and now with the introduction of next-generation High-NA EUV systems (Numerical Aperture 0.55), ASML is set to further its leadership, allowing the production of even smaller, more powerful chips. Competitors like Nikon and Canon primarily focus on older, les