ASML
Dutch semiconductor equipment company, Veldhoven. World's only maker of EUV lithography machines. Geopolitically critical chokepoint.
Spinoff from Philips 1984. EUV monopoly based on 20+ years of R&D + acquisition of Cymer (laser) in 2013. Customer concentration: TSMC, Samsung, Intel, SK Hynix, Micron. China block: the US forces the Netherlands to also block export of older DUV immersion to SMIC. EUV delivery = 1 machine/week. Market cap €300B (2024) — Europe's most valuable tech company.