[duckerduck]

From what I've been told by former ASML employees, ASML is not particularly worried about startups inventing a better method than their current lithography process because they basically run the entire chip production pipeline. Improving only one step of this pipeline is not enough to break their moat.

[redwood]

This is not accurate.. ASML provides important parts of the stack but there are a variety of semiconductor equipment companies providing critical inputs