ASML is one of the most strategically important suppliers in the semiconductor equipment chain. Its portfolio includes EUV, High-NA EUV, DUV lithography systems, metrology, inspection, and computational lithography solutions. ASML tools are essential for advanced logic, advanced DRAM, and leading-edge wafer manufacturing, serving major foundries, memory makers, and IDMs. The business also benefits from installed-base services, upgrades, and long-term maintenance. Demand is supported by AI, high-performance computing, and advanced-node investment, while risks include export controls, customer capex cycles, supply-chain constraints, and geopolitical policy changes.