ASML: Competing with Moore’s Law - [Business Breakdowns, REPLAY]

This is Matt Russell and today we have a replay of our 2023 episode on ASML. Our guest was Tom Walsh from Bailey Gifford, and I will often share this episode with upcoming guests to show them what an example of great sounds like. Tom takes the complexity of extreme ultraviolet lithography and makes it incredibly digestible for anyone who is in the investing space and really brings to life what has happened and the evolutions in this technology. to put it in the place that it's in today. Now, since the episode, EUV has only cemented its place as being core to AI infrastructure.

And if we just take a look at some of the numbers that Tom shared, the 21 billion euros in net sales in 2022 has grown about 50% to 32 billion in 2025. Gross margins have remained steadily north of 50%. And as Tom alludes to, they were in the 30s, not that long ago. So the story here has played out in a very interesting way.

And amidst all the volatility, the stock returns have proven to be strong as well. So this episode is timeless for a lot of what you'll learn about the business and the technology, but also interesting in this moment in time to understand how ASML fits into the AI landscape. This is Business Breakdowns. Business Breakdowns is a series of conversations with investors and operators diving deep into a single business.

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