Sands Capital Management, LLC - Global Growth on ASML Holding
Thesis
ASML supplies the lithography systems required for advanced semiconductor manufacturing. Sands believes lithography capacity could become one of the hardest constraints on AI infrastructure, creating tight supply conditions for years. Agentic AI may increase CPU intensity and therefore leading-edge logic demand in addition to memory demand. Rising chip complexity, wafer needs, and lithography intensity should support the company's long-term growth.
“We believe lithography capacity could become one of the hardest constraints to scaling AI infrastructure, potentially creating tight supply conditions for years.”