ASML - ASML Holding

Host expresses surprise that ASML (and Invertive) are still red, implying he expects them to recover.

Described as the critical EUV machine producer necessary for TSMC to make advanced chips, central to the China embargo and the US-China chip race.

ASML's revenue and EPS are rising, confirming strong demand for chip-making equipment.

Looks great; rally started around 780; bases into the 50-day and rallies; responded well when it dipped below, like a tennis ball.

Listed as a best-of-breed, irreplaceable company in the stock draft discussion.

Tepper did not touch his ASML position.

Valley Forge did not trim despite redemptions; host calls it a monopoly with huge demand bottleneck and potential to double.

The host identifies ASML as a key player in the semiconductor equipment bottleneck that aligns with Leopold's thesis, though he notes it is very expensive right now.

Concerns about China news and TSMC slowing machine orders; still believes in the company but wants to see machine ramp and demand clarity.

ASML has a near-monopoly on EUV lithography machines, which are essential for manufacturing the most advanced AI chips; no competitor offers an equivalent, making it irreplaceable.