How ASML became indispensable to AI

ASML’s control of extreme ultraviolet lithography gives it a durable claim on the growth of AI computing.

• ASML is the only company able to produce the lithography machines needed for the most advanced chips.
• When Baillie Gifford invested, EUV technology remained unproven, although TSMC, Intel and Samsung had committed €3.9 billion to ASML’s research and development.
• EUV systems became reliable and productive enough to attract significant orders in 2016, after years of technical development.
• As of June 2026, 314 EUV systems remained in operation, while each machine cost upwards of $250 million.
• ASML also earns recurring revenue from training, maintenance, upgrades and assistance with system relocations.

Takeaway: Semiconductor demand will remain cyclical, but continued advances in EUV could let ASML benefit from rising AI-related computing demand whichever models and applications become dominant.