Business Breakdowns (Colossus)

ASML: Competing with Moore’s Law - [Business Breakdowns, REPLAY]

In this episode Matt Russell and Bailey Gifford portfolio manager Tom Walsh dissect ASML’s rise from a struggling Philips spin‑out to the unrivaled supplier of extreme ultraviolet (EUV) lithography machines that power today’s AI‑driven semiconductor manufacturing. They explain the fundamentals of photolithography, how EUV became essential for continuing Moore’s Law, and highlight the visionary leadership of CEO Peter Wennink and CTO Martin Vandenbrink that drove relentless R&D investment. The discussion also covers ASML’s financials—€21 bn revenue in 2022 projected to €32 bn by 2025 with gross margins above 50%—and its dominant market share, underscoring why the stock has outperformed despite low unit volumes.