Moat Anatomy · Moat & Competition
The $380 Million Machine Only One Company on Earth Can Build
Every advanced chip in the world - every AI accelerator, every flagship phone - is printed by a machine made by a single Dutch company. ASML's monopoly isn't an accident of patents. It's a moat built from two decades, a captured supply chain, and knowledge no amount of money can buy in a hurry.
8 min