ASML
Posture
expanding
Sphere eu
Pocket
Chips
The EUV monopoly — the tightest chokepoint on the board; rentier with an emerging AI-stakes tilt (Mistral 11%).
The axes
- Commanded capital
- ~$60B total assets (€54.7B, Jun-2026); market cap is a separate label
- Thrust
- ~$2B/yr — organic $0.4B (capex €1.4B − dep €1.0B) + Mistral stake $1.5B (Sep-25)
- Optionality
- free — strong balance sheet, little encumbrance
- Gravity
- GROSS — sole EUV supplier; no leading-edge chip is made anywhere without its tools (TSMC/Samsung/Intel all dependent)
axes as of 2026-07-27 · gravity shown gross (undeflated)
Projects & threads
·
Mistral AI
border dispute
— open · last seen 2026-08-20
· 12 entries
·
ASML — the EUV Monopoly
buildout race
— open · last seen 2026-08-25
· 3 entries
Vocabulary