ASML builds the lithography machines that print the tiniest features onto computer chips, and its extreme ultraviolet systems are the only tool capable of manufacturing the most advanced processors in the world. Every leading chipmaker, including TSMC, Samsung and Intel, depends on ASML equipment to stay at the cutting edge, since no competitor has matched the company's EUV technology. Each machine costs well over a hundred million dollars and takes years to build and install, which gives ASML extraordinary pricing power and a backlog that stretches out for years. Headquartered in the Netherlands, ASML sits at the center of the global semiconductor supply chain despite selling to a relatively small list of customers.