And being the last one standing must mean something - good at negotiating with funders, tenacious, perceived as a good long term bet etc.
ASML is truly an international integration company. This type of integration requires deep expertise and tacit knowledge. But they don't manufacture most of their critical components.
The way most narratives make it sound is that ASML is out of this world. No, it is not. It is unique because it is the only one standing in the market, after a 2 decade period of investment.
It has a compelling moat, but that moat is not entirely technical (though it is substantially technical -- there is a lot of tacit knowledge on integration at that level of precision). It's the supplier network lock in, and sunk cost lockin from chipmakers.
If the Dutch want to design a new EUV light source, they can probably find someone to do it. If they want to find someone to grind mirrors to match those from Zeiss, maybe they can find someone who worked on the ESO or similar, and similarly with everything else. Think of it like how the F-35 is a Boeing project, even though many companies make components.
The integrator is the maker, not the component manufacturers.
I don't think the US could have made something like ASML. Baumol effect due to the successful firms, different attitudes, etc. There's after all a reason why the others dropped out.
I saw one thing that made it obvious to me that they were only people who could possibly develop a certain technology which hasn't been commercialized. Basically, they were doing research on details that they from their analysis could determine were necessary, but which nobody else had even thought about yet. It took me half an hour of a guy who had done his PhD on it explaining until I understood why they needed it. I think his work was paid for by industry though.
They were the last one standing because of their brilliant innovation. It was order of magnitudes harder to get EUV from the lab to an actual working machine than anybody thought in the beginning. There is a reason others gave up.
That said, this isn’t something unique to ASML. It’s just how global companies operate, especially in hardware. Take Tesla as an example—these companies are inherently multinational. They rely on acquired patents, parts and expertise from around the world, and hire international talent to stay competitive.
As someone else pointed out, it’s interesting how often this comes up in ASML discussions here, especially from American users. Maybe it’s because admitting reliance on another country—particularly those “arrogant Europeans” Americans often feel both superior and insecure about—kind of messes with the U.S. dominance narrative.
Every time anyone mentions ASML, I see comments of adulation. It's a very human tendency to hero-worship, especially fanboys who only recognize the name but don't understand the history or the ecosystem.
It's useful to remember that ASML didn't outcompete rivals through brilliant innovation in a heated market race. Instead it won mostly by being the last one standing. All the other players dropped out. Nikon and Canon made strategic decisions not to pursue EUV because it was too risky and expensive. ASML, a small Phillips spinoff, couldn't do it alone either. It took two decades and billions of investments backed by Intel and TSMC to keep ASML going before the first breakthrough -- it was a lot of persistence and incrementalism. ASML was essentially a side bet/strategic hedge by Intel, TSMC and Samsung.
(all this is covered on Asianometry)
People associate ASML with the Netherlands, but it would not have been possible without the massive contributions of the Americans, the Taiwanese, the Germans, and the Japanese.
It's like Grigori Perelman and the Poincare conjecture -- he didn't accept the Fields Medal for it because he felt that he just happened to the last person to put the pieces together (he was building on work by Thurston, Hamilton, etc.).
We see ASML as this amazing Dutch company, but we forget all the other players were critical to making this singular company possible (only because it happened to be the only one standing, not because no one else is capable -- this is the great misconception).