ASML Holding N.V. (ASML)

ASML holds a monopoly position that has no parallel in technology: it is the sole manufacturer of Extreme Ultraviolet (EUV) lithography machines, the equipment required to print the most advanced semiconductor patterns at sub-7nm nodes. TSMC, Samsung, and Intel cannot manufacture AI chips without ASML's machines. Each EUV system costs approximately €180 million and takes over a year to produce, making ASML a critical chokepoint in global AI chip supply.

In 2026, ASML is scaling its next-generation High-NA EUV systems (priced at €350+ million each), which enable 2nm and below manufacturing. These are being adopted by TSMC for N2 node production and Intel for its 18A process. ASML reported full-year 2025 net sales of €32.7 billion and guided 2026 revenue to €34–€39 billion — the high end driven by accelerating DRAM and logic demand for AI workloads. Q4 2025 net bookings hit €13.2 billion, signaling a strong forward pipeline.