Company Notes / Sold / lesson
ASML and the AI Infrastructure Thesis
Understanding the role of semiconductor equipment in long-term AI growth.
Portfolio role: AI infrastructure watchlist name after a profitable sale
Risk level: Medium
Research focus: Semiconductor equipment quality, cyclicality, valuation, and when to let winners run
Decision impact: Turned the ASML sale into a process lesson about trimming versus fully exiting high-quality winners.
ASML sits upstream of many AI infrastructure ambitions. That makes the business strategically important, but not immune to valuation risk.
The note studies business quality, cyclicality, customer concentration, and whether the position size reflects the uncertainty.