By Leo Sun
Publication Date: 2026-08-26 16:02:00
Nvidia (NVDA -1.43%) is often considered the linchpin of the AI market. It’s the world’s largest producer of high-end data center GPUs used to train AI algorithms. Most of the top cloud and AI companies rely on Nvidia’s GPUs to power their newest AI applications, and Nvidia locks in those customers with its proprietary software and services.
However, there’s one company that matters even more than Nvidia. Without this company, Nvidia’s GPUs — as well as other advanced AI chips — wouldn’t even exist. That company is ASML (ASML -0.49%), the world’s largest producer of lithography systems.
Image source: Getty Images.
Why does ASML matter more to the AI market than Nvidia?
Lithography systems are massive machines that optically etch circuit patterns onto silicon wafers. ASML, which is based in the Netherlands, is the only producer of extreme ultraviolet (EUV) lithography systems for manufacturing the world’s smallest and densest chips.
All of the world’s leading foundries — including TSMC, Samsung, and Intel — use ASML’s EUV systems to produce their most advanced chips. Those chips include the latest AI chips from Nvidia, AMD, and Broadcom, as well as the latest mobile, PC, and server chips. These systems cost $200 million to $400 million and are shipped in pieces with multiple planes.
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