ASML controls roughly 95% of the extreme ultraviolet lithography market, essential for producing advanced semiconductors. U.S. and Asian companies have struggled to develop comparable EUV technology despite massive investments in recent years.

Dutch export controls and decades of specialized development give ASML this edge. The company's EUV machines cost over $100 million each, creating high barriers for competitors trying to match precision and throughput standards.

China remains blocked from advanced EUV tools, while U.S. firms like Intel haven't cracked the technical challenges. Industry experts expect this duopoly to persist as Taiwan Semiconductor and Samsung drive demand for next-generation chips.

Equipment suppliers face mounting pressure as U.S.-China semiconductor tensions reshape supply chains. ASML's market cap exceeding $200 billion reflects its strategic importance to global chip production.