ASML sells just over 40 of its most advanced chipmaking machines each year. For over a decade, investors questioned whether such limited volumes could ever add up to a viable business.
Those doubts have aged badly. After an 80 per cent rise in its share price over the past six months, ASML is now valued at more than $500bn.
To understand why, it helps to look at where the real power sits in the AI supply chain. Chipmakers have become the industry’s most visible winners of the AI boom. But even the most advanced makers, such as TSMC and Samsung, still compete the old school way: through running factories more efficiently, scaling production and improving yields. Their dominance is not guaranteed and customers can and do move.
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