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ASMLASML
EUV lithography monopoly; no EUV means no sub-5nm chips.
Plate I — Pillar-Purity Score
10/ 10
Literal monopoly. No EUV, no AI chips.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
ASML is the only supplier of EUV scanners. Every sub-5nm chip ever shipped was patterned on an ASML machine. High-NA EUV is the next leg. Cyclical but structurally the most defensible position in the stack.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds ASML
Top of chain within our coverage.
Downstream — where ASML feeds into
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01China export ban broadens to DUV
- Risk 02Lithography roadmap hits limits
Plate V — Also on the Silicon plate
Siblings by pillar.
- NVDAScore 10The king: GPUs, the CUDA moat, Mellanox networking, and the expanding software stack.
- TSMScore 10Fabs every leading-edge AI chip on earth — the real bottleneck of the entire stack.
- ALABScore 10PCIe retimers and CXL connectivity — the glue chips inside every AI rack.
- CRDOScore 10Active electrical cables and SerDes for AI-rack interconnect; pure-play AI networking IC.
- AVGOScore 9Custom silicon partner to Google (TPU) and Meta (MTIA); dominant AI networking ASICs.
Close
Next earnings: 2026-07-15.
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Research only. Not investment advice. Do your own diligence.