ASML

Probably the most important company that nobody has heard of

Computer generated render of a circuit board.

What does it do?

ASML is a world-leading supplier to the semiconductor industry.

Why do we invest?

The electronics you use every day wouldn’t exist without the microchips produced by the semiconductor industry. ASML is the dominant lithography equipment manufacturer used to make these microchips.

Demand for semiconductor chips looks set to grow with artificial intelligence, the electrification of vehicles, 5G technology and the Internet of Things meaning ASML has several rapidly expanding global markets to grow into. It is heavily integrated into the processes, research and development plans of many of its biggest customers – TSMC, Intel and Samsung, to name a few. Lithography is among the most critical and expensive steps in integrated circuits' production. ASML has consistently gained market share through superior innovation to the extent that weaker players have become uncompetitive, leaving an effective monopoly. However, the company does not rest on its laurels and is always striving to make giant leaps in progress with the strapline “Just tell us we can’t. We dare you”.

Who is key?

CEO Christophe Fouquet is central to ASML’s next phase. He became President and CEO in April 2024, after the retirement of long-time technology leader Martin van den Brink. Fouquet has stressed that innovation remains the engine of ASML’s success, as the company works to extend the boundaries of chipmaking and support the continued advance of computing power. Van den Brink’s influence still looms large, but he is now an adviser rather than ASML’s CTO.