In the mid 1990s, two companies dominated the lithography space. Both of them were Japanese: Nikon and Canon. Together, they held three quarters share of the market. 

Then a Dutch company called ASML rose to overtake these two, relegating them to bit players in the industry. Today, the two are no longer trying to compete at the cutting edge. While ASML is now Europe's most valuable technology company. 

In this video, I want to talk about how ASML took the market share and technological leadership crown. And why the Japanese incumbents failed to keep it.