$ASML

A few facts about ASML's $ASML moat: - The core of ASML moat is hard science. Printing patterns 2 nanometers apart on silicon at scale with consistency and throughput is something only they have figured out how to do. - The EUV machines are the most technically complex machines in the world. They are made with over 100,000 parts and take 6 months and 250 engineers to assemble on-site. - Each machine has millions of lines of embedded software, code that's been developed over 20 years. This complex custom software predicts physical effects that deform chip patterns as they are shrunk down. Even if someone could re-create the physical structure, recreating the code is another challenge - One of their EUV machines uses over 800 unique suppliers, many of which they have exclusive agreement