ASML

A new earnings season has arrived. If ASML’s earnings is any guide, be prepared to hear another quarter of “demand is outstripping supply” from all the players in the semi value chain. ASML’s CEO Christophe Fouquet started his prepared remarks with the following which set the tone: “…for

JP Morgan in its recent “2026 Eye on the Market Outlook” discussed four specific “What Could Go Wrong” for the market over the medium term. One that caught my attention is a section titled “China scales the moat with its own lithography-semiconductor technology…when, not if”. The section starts with

In my ASML Deep Dive last month, I wrote about China’s gigantic and increasing contribution on ASML’s business: ASML revenue increased from €18 Billion in 2021 to €28 Billion in 2024. During this period, their revenue from China increased by €7.5 Billion; so basically ~75% of ASML’

You can listen to this Deep Dive here “It is perfectly normal to feel dizzy in this place. Not because of the sterile air, but because the mere thought of the extremely complex tools needed to make the chips destined for the phones of the future can make you lightheaded.