Taiwan Semiconductor Manufacturing (TSMC) is often considered the most crucial chip company, manufacturing chips for Nvidia and Broadcom, but its fabs are mostly in Taiwan, a geopolitical hotspot. Investors may instead consider two semiconductor equipment makers. ASML Holding is the only maker of extreme ultraviolet lithography (EUV) machines essential for TSMC's advanced chips, and being based in the Netherlands, it avoids similar geopolitical risks. The AI sector's projected compound annual growth rate is 29% through 2030, and ASML's revenue rose by 17% annually in the first half of 2026, with a net income of nearly 5.7 billion euros ($6.5 billion), a 22% yearly increase. Its stock is up 145% over the last year, with a trailing P/E ratio of 53 and a forward P/E of 39. Applied Materials sells equipment for other chip development steps like material deposition, etching, and polishing, facing competition from Lam Research and KLA. It had an annual revenue increase of 7% in the first half of 2025 and earned $4.8 billion.