MELANY's data-driven read on ASML Holding NV.
ASML is the leader in lithography systems for semiconductor manufacturing, with 90% market share. Lithography uses a light source to expose circuit patterns from a photomask onto a semiconductor wafer, letting chipmakers fit more transistors into the same area of silicon, and it has historically been a large share of the cost of making cutting-edge chips. ASML outsources manufacturing of most of its parts and acts as an assembler; its largest clients are TSMC, Samsung, Intel, SK Hynix, and Micron.
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