ASML
ASMLcompute· NASDAQ (ADR; primary Euronext Amsterdam)ASML, the lithography chokepoint: the sole supplier of EUV scanners that every leading-edge chip depends on.
Why it matters
No EUV, no leading-edge logic or advanced DRAM. ASML is the deepest single bottleneck in the AI supply chain, with a monopoly on the tool that makes the chips the whole stack runs on.
The read
Levered to Leading-edge lithography capacity: EUV tool output gates how much advanced logic and DRAM the whole industry can make.
Bull case: The deepest chokepoint in the stack: a monopoly on the tool that makes the chips, riding every node transition regardless of which fab wins.