ASML Holding N.V. (ASML) Stock Analysis & Winston Score

ASML is a Dutch company that makes the machines used to print tiny circuits onto computer chips. Its customers are the world's biggest chipmakers, including TSMC, Samsung, and Intel. ASML is the only company in the world that makes extreme ultraviolet (EUV) lithography machines, which are required to build the most advanced chips found in smartphones, AI processors, and data centers. ASML makes money by selling these lithography machines, which can cost over $200 million each, and by charging for ongoing service and upgrades. It operates primarily out of the Netherlands but sells globally, generating most of its revenue from Asia. Its monopoly on EUV technology gives it an exceptionally strong competitive position that took decades and billions of dollars to build. The main risk is geopolitical: export restrictions, particularly limits on selling advanced machines to China, could meaningfully reduce its addressable market going forward.