Due to antitrust laws and modern government intervention, true monopolies are few and far between today. Most companies that approach monopoly status are stopped by the state intervening in their attempts to create one. That's why it's so surprising that one of the world's only true monopolies exists in an industry so critical to the global economy: Semiconductor manufacturing equipment. I'm talki...
Due to antitrust laws and modern government intervention, true monopolies are few and far between today. Most companies that approach monopoly status are stopped by the state intervening in their attempts to create one. That's why it's so surprising that one of the world's only true monopolies exists in an industry so critical to the global economy: Semiconductor manufacturing equipment. I'm talking about ASML N.V. (ASML +4.08%), which is the world's only provider of extreme ultraviolet (EUV) lithography machines. Pass go, collect $400 billion ASML is the pick-and-shovel play behind the entire tech industry. Its EUV lithography machines are the only ones capable of etching semiconductor chips of 7 nanometers (nm) or smaller. Older deep ultraviolet (DUV) machines (which ASML also produces) can only etch larger chips. Chips sized 7nm and smaller are needed for modern smartphones, artificial intelligence (AI) data centers, and cloud computing, just to name a few applications. Each of ASML's EUV lithography machines is about the size of a bus and costs $400 billion new. It takes seven Boeing 747 jets or about 25 trucks just to ship one of these machines to a customer. And they are in extremely high demand. In its full-year 2025 results, ASML reported that its net bookings more than doubled from 5,399 in Q3 2025 to 13,158 in Q4 2025. Bookings for the whole of 2025 grew to 28,035, up from 18,899 in 2024. That's not too surprising given that everyone needs advanced semiconductors, and every company that makes them needs ASML's EUV lithography machines to do it. And being a monopoly does have its perks as evidenced by the rest of ASML's results. Expand NASDAQ : ASML ASML Today's Change ( 4.08 %) $ 53.70 Current Price $ 1370.95 Key Data Points Market Cap $508B Day's Range $ 1348.77 - $ 1400.34 52wk Range $ 578.51 - $ 1547.22 Volume 127K Avg Vol 1.7M Gross Margin 52.80 % Dividend Yield 0.59 % Mr. Monopoly ASML's revenue for 2025 totaled 32.66 billion euros, up 15% over 2024 a...
Key Points ASML is the world's only provider of EUV lithography machines. EUV lithographs are required to produce advanced semiconductor chips. ASML is seeing explosive growth both in orders as well as in its revenue and EPS. 10 stocks we like better than ASML › Due to antitrust laws and modern government intervention, true monopolies are few and far between today. Most companies that approach mon...
Key Points ASML is the world's only provider of EUV lithography machines. EUV lithographs are required to produce advanced semiconductor chips. ASML is seeing explosive growth both in orders as well as in its revenue and EPS. 10 stocks we like better than ASML › Due to antitrust laws and modern government intervention, true monopolies are few and far between today. Most companies that approach monopoly status are stopped by the state intervening in their attempts to create one. That's why it's so surprising that one of the world's only true monopolies exists in an industry so critical to the global economy: Semiconductor manufacturing equipment. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » I'm talking about ASML N.V. (NASDAQ: ASML), which is the world's only provider of extreme ultraviolet (EUV) lithography machines. Pass go, collect $400 billion ASML is the pick-and-shovel play behind the entire tech industry. Its EUV lithography machines are the only ones capable of etching semiconductor chips of 7 nanometers (nm) or smaller. Older deep ultraviolet (DUV) machines (which ASML also produces) can only etch larger chips. Chips sized 7nm and smaller are needed for modern smartphones, artificial intelligence (AI) data centers, and cloud computing, just to name a few applications. Each of ASML's EUV lithography machines is about the size of a bus and costs $400 billion new. It takes seven Boeing 747 jets or about 25 trucks just to ship one of these machines to a customer. And they are in extremely high demand. In its full-year 2025 results, ASML reported that its net bookings more than doubled from 5,399 in Q3 2025 to 13,158 in Q4 2025. Bookings for the whole of 2025 grew to 28,035, up from 18,899 in 2024. That's not too surprising given that everyone needs advanced semiconductors, and every company...
John Quelch, Executive Vice Chancellor at Duke Kunshan University, discusses how China is repeating its message of stability and non-interference, as the war in the Iran continues. He speaks with Stephen Engle at the China Development Forum in Beijing. (Source: Bloomberg)
John Quelch, Executive Vice Chancellor at Duke Kunshan University, discusses how China is repeating its message of stability and non-interference, as the war in the Iran continues. He speaks with Stephen Engle at the China Development Forum in Beijing. (Source: Bloomberg)
Andrii Dodonov/iStock via Getty Images By John R. Mousseau, CFA The war against Iran began its fourth week this Sunday. We have seen bond yields rise in both taxable and tax-free bond markets, reflecting mostly the rise in the cost of oil due to shipping stoppages through the Strait of Hormuz. Below is a graph of the price of oil over the last year, and you can see the jump from roughly $70/barrel...
Andrii Dodonov/iStock via Getty Images By John R. Mousseau, CFA The war against Iran began its fourth week this Sunday. We have seen bond yields rise in both taxable and tax-free bond markets, reflecting mostly the rise in the cost of oil due to shipping stoppages through the Strait of Hormuz. Below is a graph of the price of oil over the last year, and you can see the jump from roughly $70/barrel spiking to over $115/barrel, a 65% increase. Below is a table showing the changes in yield in both the Treasury market and AAA municipal bonds. Here is a graph showing the US Treasury yield curve right before the hostilities and now. Some observations. While all yields are higher, short-term yields have risen more than longer-term yields. Two-year Treasury bond yields are about 55 basis points higher, while ten-year yields are approximately 45 basis points higher. The factors weighing on the bond market prior to the war were concerns about AI’s impacts on software companies and service companies and the fallout being seen in private credit, all of which was taking bond yields lower, and indeed ten-year Treasury bond yields to levels below 4%. All of that has been changed by the war and concern over the oil not being shipped through the Strait of Hormuz. The Federal Reserve went out of their way on Wednesday to disabuse investors thinking that there would be any short-term rate cuts in the future. The market has gone from projecting cuts to projecting possible short-term rate hikes in the next year. Clearly, this trajectory will depend on the duration of the conflict in general and the closure of the Strait of Hormuz in particular. As soon as we have a week of unencumbered passage through the Strait, we think bond yields will start to decline. It may take a while for them to decline, as the markets will want to see how much the price action from the oil shock works its way through various parts of the inflation outlook, e.g., airline costs, labor, goods with oil inputs, etc...
The drag in Iran war has put Chinese stocks’ resilience to the test , but investors anticipate a rebound as key market indicators signal conditions often associated with turning points. The benchmark CSI 300 Index tumbled 3.3% on Monday, its worst since the global tariff shock about a year ago, while another onshore benchmark slid deeper below the psychologically important 4,000 level. The setback...
The drag in Iran war has put Chinese stocks’ resilience to the test , but investors anticipate a rebound as key market indicators signal conditions often associated with turning points. The benchmark CSI 300 Index tumbled 3.3% on Monday, its worst since the global tariff shock about a year ago, while another onshore benchmark slid deeper below the psychologically important 4,000 level. The setback has dragged a number of indicators — including momentum gauges and breadth — to levels last seen in previous routs that ultimately preceded market turnarounds. China stands to gain from the conflict thanks to lower energy dependence and its edge in renewables, said You Lanqiang, a fund manager at Pingtan Strategic Asset Management Co. “In the short term, losses are driven by momentum traders, who hold a huge sway,” he said, adding that the pullback could offer an attractive entry point after the “irrational selloff.” Below are charts showing how stocks are nearing extreme levels that have previously triggered rebounds. Market breadth has deteriorated sharply this month, and is on track for its weakest reading since January 2024 — a period remembered for a derivatives ‑driven meltdown that began in small‑cap names. In Shanghai and Shenzhen, more than 1,100 stocks on average are declining versus rising, out of nearly 6,000 names. That’s less severe than the 1,400 gap seen in early 2024, a level that marked capitulation as volatility eased with state-backed funds stepping in. Breadth has weakened despite only modest changes in earnings expectations, suggesting that sentiment rather than fundamentals is driving flows. A further decline would mean there’s limited room for things to worsen from here. The Shanghai Composite’s 14-day relative strength index has slipped to 23, entering oversold territory. Similar lows were seen in April after President Donald Trump’s sweeping tariffs announcement, and again in the third quarter of 2024, shortly before Beijing’s policy pivot trigger...
PM Images/DigitalVision via Getty Images All figures are listed in US$ unless otherwise noted. All financial information is from Seeking Alpha unless otherwise noted. Introduction I last covered Propel Holdings ( PRL:CA ) just over 4 months ago in November 2025. Since then, the valuation has compressed even further, with the P/E ratio dropping from 8.6x to 6.3x. Headwinds have increased with the w...
PM Images/DigitalVision via Getty Images All figures are listed in US$ unless otherwise noted. All financial information is from Seeking Alpha unless otherwise noted. Introduction I last covered Propel Holdings ( PRL:CA ) just over 4 months ago in November 2025. Since then, the valuation has compressed even further, with the P/E ratio dropping from 8.6x to 6.3x. Headwinds have increased with the war in Iran, and Q4 2025 wasn't what I expected, but the launch of Propel Bank, the growth in LaaS, and a more complete picture of 2026 have warranted an updated thesis. Investment Thesis Propel Holdings is a profitable, fast-growing fintech company trading at a valuation that implies decline, not growth. At 6.3x forward earnings and a PEG of 0.18x, the market is pricing in fear while the business is building an entirely new model for long-term value creation. I believe the market hasn't priced this long-term value creation in, and with the currently compressed price, the opportunity to pick up shares at a reasonable price presents an amazing opportunity. Double-Digit Growth, Single-Digit Multiple At the midpoint , Propel Holdings is guiding for 21% growth in their loan and advances balances, 27% growth in revenue, 34% growth in net income, and a 24% ROE in 2026. The stock price has been pushed down recently because their consumer base is very cash flow sensitive, and with global increases in the price of gas (and other products) due to the war in Iran , it seems investors are not expecting Propel to maintain their guidance. Increased defaults and, therefore, provision for credit losses would impact Propel. I agree with this assessment. I don't think Propel's 2026 guidance will be maintained, especially if the price of oil stays higher for longer. However, for long-term investors, this is an amazing opportunity to pick up Propel shares at a reasonable price. Propel Holdings currently trades at a forward P/E of 6.3x and has a PEG ratio of 0.18x, implying forward earnings grow...
The Sun's lead story says an episode of BBC's The Repair Shop was pulled after a TV production worker was offended by what they saw as a "sexist" joke made by comedian Bob Monkhouse. The episode was meant to focus on restoring the late comic's handwritten joke books from the 1960s, the paper says, but it was axed after the complaint.
The Sun's lead story says an episode of BBC's The Repair Shop was pulled after a TV production worker was offended by what they saw as a "sexist" joke made by comedian Bob Monkhouse. The episode was meant to focus on restoring the late comic's handwritten joke books from the 1960s, the paper says, but it was axed after the complaint.