EUV optics/mirror monopoly
Carl Zeiss SMT
The de-facto sole supplier of the optics (mirrors) inside ASML EUV scanners. ASML’s most important strategic partner for over 30 years; ASML took a 24.9% stake for €1B in 2016. Its atom-scale mirrors reflect EUV, and only Zeiss can make the giant High-NA (NA 0.55) optics. 2000+ EUV-related patents. Part of Carl Zeiss AG (not separately listed). The least replaceable single chokepoint in the EUV supply chain.
Updated Jun 21, 2026
Financials & Segments
- Total revenue · Sole supplier of ASML EUV optics
- Customer concentration · ASML is main EUV-optics customer and holds 24.9%.
- Segments · EUV optics/mirrors · High-NA optics · Mask inspection/metrology optics
Revenue from
- ASML High confidence
Sole supplier of optics (mirrors) for ASML EUV scanners.Confirms EN Wikipedia Published Jan 1, 2026: "Carl Zeiss SMT supplies the key optical subsystem of ASML lithography."Confirms KO Hankyung Published Jul 31, 2022: "Without Zeiss there is no ASML EUV; its mirrors are core to EUV reflection."Confirms EN ASML Published Nov 3, 2016: "ASML took a 24.9% stake for €1B; 30-year EUV optics partner." - 파운드리·마스크샵 (검사·계측 광학) Medium confidence
Supplies mask inspection/metrology optics to foundries and mask shops.Confirms EN Wikipedia Published Jan 1, 2026: "Zeiss SMT also supplies mask inspection/metrology optics beyond EUV."
Pays to
- 초정밀 광학 가공·소재 (비공개) Medium confidence
Atom-scale polishing and special glass (undisclosed). - R&D·광학 엔지니어 (비공개) Medium confidence
EUV/High-NA optics R&D staff (undisclosed).Confirms KO Hankyung Published Jul 31, 2022: "2000+ EUV patents from math/physics-based optics R&D."
Value-chain ripple (tiers 2–3)
Following node-to-node links up to 3 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead3 | +84.9 | -57.5 | +63.7 | +83.8 | -22.8 | +265.9 |
| Intel | lead3 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +263.1 |
| MediaTek | lead3 | +27.8 | -26.6 | +49 | +59.1 | +25.1 | +154.3 |
| AMD | lead3 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +150.9 |
| Astera Labs | lead3 | · | · | · | · | +25.6 | +150.7 |
| Credo Technology | lead3 | · | · | +46.3 | +245.2 | +114.1 | +88.9 |
| Texas Instruments | lead3 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +88.3 |
| Global Unichip | lead3 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +86.3 |
| Renesas Electronics | lead3 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +83.8 |
| NXP Semiconductors | lead3 | +44.8 | -29.4 | +48.4 | -8 | +6.4 | +45.7 |
| Alchip Technologies | lead3 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +40.2 |
| Qualcomm | lead3 | +22.3 | -38.4 | +35.1 | +7.7 | +13.9 | +34.2 |
| Broadcom | lead3 | +56.8 | -13.4 | +104.9 | +110.9 | +50.7 | +19.3 |
| Alphabet (Google) | lead3 | +65.3 | -39.1 | +58.3 | +35.8 | +66.1 | +17.8 |
| NVIDIA | lead3 | +125.5 | -50.3 | +239 | +171.3 | +38.9 | +13.1 |
| Apple | lead3 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +9.8 |
| Amazon | lead3 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +5.9 |
| Sony Semiconductor Solutions | lead3 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -8.7 |
| Meta Platforms | lead3 | +23.1 | -64.2 | +194.1 | +65.9 | +13.1 | -12.3 |
| Microsoft | lead3 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -21.2 |
| SanDisk | lead2 | · | · | · | · | · | +820.4 |
| Kioxia | lead2 | · | · | · | · | +1082.1 | +408.4 |
| Micron Technology | lead2 | +24.1 | -46 | +72.1 | -1 | +240.5 | +297.6 |
| United Microelectronics (UMC) | lead2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +206.4 |
| SK hynix | lead2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +204.7 |
| GlobalFoundries | lead2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +145.8 |
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +121 |
| TSMC | lead2 | +12.1 | -36.8 | +42.5 | +92.9 | +56 | +53.3 |
| ASML | lead1 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +81 |
| Carl Zeiss SMT | node | · | · | · | · | · | · |
Carl Zeiss SMT is the apex chokepoint of the EUV supply chain. If EUV is the cycle’s key bottleneck, then Zeiss, which monopolizes EUV optics, is the deeper structural chokepoint above it. It is not separately listed (part of Carl Zeiss AG), so it cannot be validated through a stock price, but the fact that ASML is bound to it by a 30-year partnership and a 24.9% stake is itself a measure of how irreplaceable it is.