ASML Holding NV sits at the heart of the semiconductor world’s most critical chokepoint. Its extreme ultraviolet lithography machines etch the tiniest circuits onto silicon wafers, powering everything from Nvidia’s AI accelerators to Apple’s processors. On April 22, 2026, at the company’s annual general meeting in Veldhoven, Netherlands, CEO Christophe Fouquet delivered a clear message to investors: ASML won’t repeat the supply crunches of early this decade. “Being a bottleneck is something we will avoid by all possible means; it is essential to maintaining our current position,” he said, citing fresh investments in production capacity and efficiency gains. First-quarter results, released the prior week, underscored the point. Surging demand for AI chips and persistent memory shortages have TSMC—Nvidia’s key foundry—ramping up fabs worldwide. ASML’s order book reflects that pressure.…