The Players — Who Makes What

Equipment Stack

• ASML: EUV lithography monopoly ($200M/tools)
• LAM Research: Etch leader
• Applied Materials: Broadest portfolio (CVD, PVD, etch)
• KLA: Metrology/process control (70%+ share)

Chip Stack

• NVIDIA: 80%+ AI training share
• AMD: Rising with MI300
• Broadcom/Marvell: Custom AI chips

Foundries

• TSMC: 60%+ advanced logic
• Samsung: #2, behind at 3nm
• Intel: Trying for #3

Memory

• SK Hynix: HBM leader
• Samsung: Broadest portfolio
• Micron: US-based, catching up in HBM