Semiconductors are the foundational technology layer of the modern economy, enabling everything from smartphones and data centers to automotive electronics and medical devices. NVIDIA has become the most valuable semiconductor company in history on the back of its AI GPU franchise, while TSMC manufactures the most advanced chips for Apple, NVIDIA, and AMD at its foundries in Taiwan. ASML holds a monopoly on extreme ultraviolet lithography — the critical machines required to produce the world's most advanced chips.
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