ASML vs. LRCX: Which Semiconductor Chipmaker Stock Has More Upside? - The Globe and Mail

This article examines the investment prospects of two major players in the semiconductor equipment industry: ASML and Lam Research. ASML dominates extreme ultraviolet (EUV) lithography technology, whi... Read original →

ASML’s near-total dominance in EUV lithography is reshaping the semiconductor tech stack: as advanced nodes grow increasingly reliant on EUV, etch and deposition vendors like Lam Research see their bargaining power eroded in leading-edge logic fabs. While U.S. export controls temporarily shield ASML’s high-end margins, they’re accelerating alternative lithography investments in Taiwan, China and mainland China—potentially diluting its long-term pricing leverage. Lam’s strategy hinges on service stickiness and alignment with emerging structures like GAA transistors and 3D NAND, but this can’t offset the systemic advantage of controlling the EUV bottleneck. Over the next 12–24 months, AI-driven capacity expansions will disproportionately benefit ASML, while mature-node equipment faces margin compression. The verdict is clear: ASML doesn’t just lead technologically—it dictates where capital flows across the entire industry.