Our Investments in Startups
- EUV Lithography Machines.
Investments in extreme ultraviolet lithography (EUV) machines represent the pinnacle of current technological infrastructure investment, being crucial for the manufacture of advanced semiconductors that power artificial intelligence, 5G, and high- performance computing. The Dutch company ASML is the world's only provider of this technology.
The key aspects of these investments are detailed here:
- 1. Cost and Value of EUV Machines:
- • High Price: Each EUV machine costs approximately between $350 and $400 million (more than €300 million).
- • High-Number Aperture (High-NA) EUVs: The newer generations of these machines, necessary for chips of 3nm or less, can exceed €900 million per unit.
- • Complexity: These machines are considered the most expensive and complex in the world, weighing hundreds of tons and requiring years to manufacture.
- 2. Main Investors (Clients)
- Chip manufacturing giants (foundries) are the ones making these investments to produce chips for companies like Apple, Nvidia, and Amazon:
- • TSMC (Taiwan Semiconductor Manufacturing Company): ASML's largest client.
- • Samsung Electronics: A key investor in enhancing its advanced node capabilities.
- • Intel: A leader in adopting the new High-NA EUV machines.
- 3. Geopolitical Impact of Investment:
- • ASML Monopoly: The lack of direct competitors in EUV technology leads to a high concentration of investment in ASML.
- • Restrictions on China: The US and the Dutch government have limited the sale of these advanced machines to China, even though China represents a significant market.
- • China's Response: China is investing heavily in its own "Manhattan Project" to develop its own lithography technology and reduce Western dependence.
- 4. How to invest in the sector?
- • ASML Shares (ASML): The direct way to invest in EUV technology is through ASML Holding N.V.
- • Chip Foundries: TSMC (TSM), Samsung (SMSN), and Intel (INTC) are the main users and beneficiaries of the production capacity of these machines.
- Note: Canon's nanoimprint lithography (NIL) technology is emerging as a potential long-term alternative to compete with ASML, but EUV remains the current standard for cutting-edge chips.