$AMAT vs $ASML: Two Semiconductor Equipment Leaders in the AI Supply Chain Both stocks are core "picks-and-shovels" plays on AI-driven semiconductor capital spending, but they occupy different niches: AMAT spans a broad portfolio of materials-engineering and deposition tools, while ASML holds a near-monopoly in advanced lithography systems. Relative performance has been strong for both: Applied Materials shares have more than doubled over the past year, while ASML shares have climbed roughly 35–40% in 2026 amid surging EUV (extreme ultraviolet) demand. Growth drivers differ: AMAT is benefiting from advanced packaging and DRAM (dynamic random-access memory) demand, while ASML's momentum is tied to capacity expansion and record lithography order intake.