ASML Holding

The lithography monopoly intact — FY26 guide raised to EUR 36-40B, High-NA EUV ramping, Intel 18A and TSMC A14 pulls accelerating. Tier B because the China DUV export overhang (roughly 25% of pre-controls revenue) is a persistent headwind that caps multiple expansion until either it stabilises or proves immaterial. ASML is the sole supplier of EUV lithography tools on the planet — every leading-edge logic and DRAM fab below 7nm runs ASML tools. Low-NA EUV is the workhorse; High-NA EUV (EXE:5000, EXE:5200) is the next-node tool starting volume ramp now. The DUV tools (immersion + dry) are the mid-node franchise still highly profitable but increasingly under China export scrutiny.…