Brendan Burke

The market's negative reaction to reports of China's lithography progress is a complete overreaction. Chinese DUV machines are far behind and only capable of commodity microcontroller production, not competitive with the advanced transistor architectures enabled by ASML's high-NA EUV systems. ASML's leading-edge technology and its high-NA EUV roadmap for the next five years remain a compelling investment opportunity.

SK Hynix is a critical memory partner for AI, holding leadership in high-bandwidth memory (HBM) and advanced packaging. The US ADR listing allows the company to close its 'Korea discount' valuation gap, raise capital to expand fabrication capacity closer to US customers, and increase CapEx intensity. Meanwhile, competitors like China's CXMT lack access to EUV lithography and cannot compete in high-end HBM, giving SK Hynix a durable moat as AI memory demand surges through the next wave of agent ecosystems.