In short, ASML's geopolitical risk isn't existential -- but it is structural. The company's unique technology gives it leverage, but national governments will ultimately decide where those tools can go.Moreover, China is investing heavily to develop its domestic capacity to manufacture lithography tools and achieve chipmaking independence. While replicating ASML's technology will be a monumental challenge, state-backed efforts could gradually narrow the gap -- especially in mature chipmaking processes.The c ...