As the world's only supplier of EUV lithography systems, ASML is Europe's largest company by market capitalization, currently valued at around $660 billion. But it earned almost nothing in Europe this year, down from 1% of total profits in 2025 and 5% in 2024. Why? European chipmakers bought no lithography equipment from ASML in 2026 — and the company is calling on EU authorities to help create demand for European chips.