Sands Capital Management, LLC - International Growth on ASML Holding
Thesis
ASML supplies lithography systems that are essential to advanced semiconductor manufacturing. Sands believes lithography capacity could become one of the hardest constraints to scaling AI infrastructure, creating potentially tight supply for years. Both Chinese and non-Chinese fabs may need to increase lithography capacity materially as AI drives advanced logic and memory demand. Rising chip complexity, wafer requirements, and lithography intensity should support ASML's long-term growth.
“lithography capacity could become one of the hardest constraints to scaling AI infrastructure, potentially creating tight supply conditions for years.”