ASML Holding N.V. Thesis

ASML has a monopoly on the production of extreme ultraviolet (EUV) lithography machines, which are essential for manufacturing the most advanced semiconductor chips. This technological gatekeeper position gives it immense pricing power and a deep, structural moat. The growth driver is the relentless demand for smaller, more powerful chips for AI, data centers, and high-performance computing. The investment thesis is simple: as long as Moore's Law continues, chipmakers will need ASML's machines.