What is ASML?

ASML is a Dutch equipment maker that produces advanced lithography machines used in semiconductor manufacturing. The material tracks constraints on its growth and the competitive threat from China’s efforts to develop alternatives.

• Jun 2026 - Val Zlatev said equipment makers like ASML cannot grow revenues or shipments by much more than 30% a year due to supply chain complexity, with a maximum of 30–35% annual growth.
• Jul 2026 - Kathryn Rooney Vera noted China is a huge customer for ASML and KLA, posing a long-term threat if China develops a nearly as good alternative and stops buying.
• Jul 2026 - David Dalrymple said China has a Manhattan project for breaking the ASML bottleneck, which, per Reuters reporting from end of 2025, is a credible enough proposition to ruin game theory.
• Jul 2026 - Josh Brown stated China now has an alternative to ASML lithography machines that are not quite as good but improving.