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 Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Carl Zeiss SMT is directly linked to 1 companies (0 supply, 1 revenue, 1 investment relationships) and reaches 14 companies within two hops; the links are backed by 5 dated sources, 0 of them primary filings (as of 2026-07-12).
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 KO Korea Economic Daily Published Jul 31, 2022: “No us, no ASML”: Zeiss holds 2000+ semiconductor patentsConfirms EN ASML Published Nov 3, 2016: ZEISS and ASML strengthen EUV partnership (24.9% stake, €1B) - foundry · mask shop (inspection · metrology optical) Low confidence
Supplies mask inspection/metrology optics to foundries and mask shops.Confirms EN ZEISS SMT Published Jan 1, 2026: ZEISS SMT Photomask Solutions (AIMS, PROVE mask qualification & metrology)
Pays to
- ultra-precision optical machining & materials (undisclosed) Medium confidence
Atom-scale polishing and special glass (undisclosed). - R&D · optical engineers (undisclosed) Medium confidence
EUV/High-NA optics R&D staff (undisclosed).Confirms KO Korea Economic Daily Published Jul 31, 2022: “No us, no ASML”: Zeiss holds 2000+ semiconductor patents
Investors
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| SanDisk | lead2 | · | · | · | · | · | +707.1 |
| Kioxia | lead2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | lead2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| United Microelectronics (UMC) | lead2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +215.1 |
| SK hynix | lead2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| GlobalFoundries | lead2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +97.8 |
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Hua Hong Semiconductor | lead2 | -19.8 | -19.5 | -53 | +61.6 | +412.1 | +59.2 |
| TSMC | lead2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Nanya Technology | lead2 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +33.8 |
| ASML | lead1 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Carl Zeiss SMT | node | · | · | · | · | · | · |
| ASML | benef1 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Ichor Holdings | benef2 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +444.2 |
| MKS Instruments | benef2 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +131 |
An effective monopoly in EUV optics and mirrors (exclusive supplier to ASML; returns not tracked as it is private). EUV-optics demand is underpinned as its customer ASML and the foundry and memory above it (SanDisk, Kioxia AI demand) rise. Monopolizing the core optics of EUV lithography, it is a bottleneck where ultra-precision mirror demand per scanner grows with EUV adoption.
Analysis generated from returns as of 2026-06-23