Eagle Capital Management, LLC on ASML Holding N.V.
Thesis
ASML is one of Eagle's favored semiconductor infrastructure businesses because it controls a critical manufacturing bottleneck. Its monopoly in extreme-ultraviolet lithography gives it a uniquely strong position in leading-edge chip production. Eagle expects ASML to participate in secular semiconductor growth over the next five to ten years while maintaining its competitive position.
“ASML has a monopoly in extreme ultraviolet lithography.”
Key risks
- A future semiconductor downturn could pressure the business.