ASML: Moat Analysis
ASML holds a near absolute EUV lithography monopoly (100% market share); no substitute exists below the leading node, and no competitor (Nikon, Canon, China's SMEE) is within a decade of closing the gap. Strong Q2 2026 results confirm demand. Real risks (customer concentration, export controls) hurt market size, not the monopoly itself. Verdict: Exceptional/Intact. Long term watch: potential paradigm shift away from node shrinking chip architecture.
30 aug