ASML

ASML Holding N.V.

research_scan theme='chips-compute'; value_chain_position='upstream-enabler'; Single-supplier monopoly on EUV and High-NA EUV lithography — gates every leading-edge logic node at TSMC, Samsung, and Intel. Substitution is structurally infeasible inside a decade; durable rent extraction independent of which merchant-GPU or custom-ASIC vendor wins the next architectural cycle. Picks-and-shovels analogue at the digital-upstream-monopoly layer to AA/GEV at the physical layer that C-26 names.