EUV lithography is ASML's crown jewel and the most defensible monopoly in the technology sector. No competitor can manufacture EUV systems, which are required for every advanced chip at 5nm and below. The High-NA transition (EUR 350M+ per system, 75% ASP uplift) drives content growth per wafer. The...

The DUV and installed base business provides ASML's revenue floor. With 5,700+ systems deployed globally and 95%+ service attachment rates, this segment generates predictable, high-margin recurring revenue. DUV systems remain essential even for the most advanced chips. The only bear risk is Chinese...

China was 49% of ASML's FY2024 revenue -- a one-time pull-forward that management guides to ~20% going forward. The Dutch government restricts advanced lithography sales to China (EUV since 2019, certain DUV since 2024). The key risk: will further tightening extend to all DUV? Chinese domestic...