SML

Dutch chipmaking equipment giant ASML has no sales of its lithography machines within Europe, an executive said, despite the company being one of Europe's most valuable tech firms. Its customers are overwhelmingly concentrated in Asia, notably Taiwan and South Korea, with US fabs also important buyers. The admission highlights Europe's limited domestic chip manufacturing capacity even as the bloc pushes to expand semiconductor production.

Investors are weighing ASML Holding, the Dutch maker of advanced chipmaking equipment, against Marvell Technology, the US semiconductor designer, as a pick for 2026. Both sit at the heart of the AI-driven semiconductor boom, and comparisons of their valuations, growth prospects and exposure to artificial intelligence demand are circulating among market watchers ahead of the new year.