ASML Holding N.V. (ASML) Well Positioned as AI Fuels Chip Complexity

Sands Capital Global Growth Fund, an investment management company, published its second-quarter 2026 investor letter. The letter stresses ASML Holding N.V. (NASDAQ:ASML) as a key player in the chip industry. ASML Holding N.V. (NASDAQ:ASML) is a Dutch-based semiconductor equipment company specializing in lithography systems used by chipmakers to print patterns on silicon wafers.

The fund believes ASML's lithography capacity could become a significant constraint for scaling AI infrastructure, potentially leading to tight supply conditions for years. The bottom-up analysis indicates that both Chinese and non-Chinese fabs may need to increase lithography capacity to meet the growing demand for AI chips. The fund's bottom line is that ASML remains well-positioned as AI drives greater chip complexity, higher wafer requirements, and increased lithography intensity.