ASML’s China Fears Are Coming at Just the Wrong Moment

Hard to copy. Christophe Fouquet, boss of ASML, holds a model of a semiconductor lithography machine during a Bloomberg TV interview.
Hard to copy. Christophe Fouquet, boss of ASML, holds a model of a semiconductor lithography machine during a Bloomberg TV interview. Photographer: Wiktor Dabkowski/Bloomberg
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“Onderdompelinglithografiebelichtingsinrichting,” the Dutch word for the devices made by ASML, is hard to say — which is apt considering how difficult it is to build these prized chipmaking machines.

They’re big and expensive, and they do the complicated work of printing circuit patterns that are invisible to the naked eye onto silicon wafer, in a process known as immersion lithography exposure. ASML Holding NV has a roughly 90% share of the global market for manufacturing these tools and a total monopoly on the ultra-sophisticated end of the technology known as EUV.

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