ASML is the sole manufacturer of Extreme Ultraviolet (EUV) lithography machines, the equipment required to produce the world's most advanced semiconductor chips. EUV machines work by firing lasers at molten tin droplets 50,000 times per second to generate plasma hotter than the sun's surface, producing EUV light that is then guided by atomically smooth mirrors to etch nanometer-scale circuit patterns onto silicon wafers. The machines weigh 180+ tons, contain over 100,000 specialized parts, and cost over $150 million each. No competitor has successfully replicated ASML's technology because doing so would require rebuilding a multi-decade, multi-country R&D ecosystem involving specialized suppliers like Zeiss (mirrors) and Trumpf (lasers). Geopolitically, the Dutch government — under US pressure — restricts EUV exports to China, making ASML a key lever in the US-China tech rivalry. ASML recently announced a breakthrough doubling tin-droplet firing rate to 100,000/second, targeting a 50% production capacity increase by 2030.