In Veldhoven, they don't manufacture chips, they manufacture the machines that make chips possible. ASML, the Dutch lithography giant, is posting profits boosted by the AI wave, this rush for computing power that is driving TSMC, Samsung, Intel, and memory specialists to invest, again and again, in the most advanced factories. The market has its moods, as smartphones and PCs have recently reminded us, but data centers are running at full capacity. And when chipmakers open their checkbooks, ASML is often at the forefront, with its EUV systems, these technological behemoths that can exceed €150 million per unit and whose deliveries directly impact profit margins.
A near-monopoly that's worth its weight in gold... and that attracts attention
However, this success has a very political downside. ASML has become a strategic asset for Europe, which also means constraints, pressures, and closely monitored decisions, particularly regarding exports to China—a subject that has become explosive as Washington hardens its stance and Europeans gradually fall into line. In this context, the order book and the pace of machine installation take on a particular significance, as the supply chain, industrial complexity, and export authorizations can slow things down. The company is already preparing for the next stage with the High-NA EUV generation, even more precise, even more expensive, and potentially the fuel for a new investment cycle if AI continues to dictate the rules of miniaturization and power.
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