One company, one machine, and the whole industry's timeline
It traded at 1747.95, +3.05% today. A supplier with no substitute is a wonderful business and a concentrated risk at the same time.
Free 4 min read
ASMLAMAT
Stock
ASML
ASML
Delayed
Notes mentioning ASML
5Memory is a commodity and everyone keeps forgetting it
Memory traded at 1014.74, +4.46% today. Every cycle, the story is that this time capacity discipline holds. It has not yet.
Free 4 min read
MUASML
Lumpy orders and a smooth multiple do not sit well together
The machines are so expensive that a handful of orders moves a whole quarter. The shares are valued as if the quarters were smooth.
Free 2 min read
The customer's capital plan is the supplier's forecast
An equipment supplier does not need to forecast chip demand. Its customers do that for it, in public, every time they set a capital budget.
Free 2 min read
An order book with a policy clause
The regional order mix I track, and the rules that could move it.
Paid 2 min read