ASML's dominance in EUV lithography is real, but calling it a pure monopoly oversimplifies things. While they've captured the majority share in extreme ultraviolet technology—the gold standard for chip manufacturing—the landscape isn't quite locked down. Competitors are developing alternative approaches, though with significant technical and capital barriers. ASML's head start in process maturity and customer relationships is substantial, yet the semiconductor supply chain remains one of the most contested battlegrounds for technological supremacy.