Without ASML, the world would be a different place. Based in the quiet Dutch town of Veldhoven, this offshoot of Philips Electronics designs the gigantic and extremely complex machines that produce increasingly advanced computer chips. It’s Europe’s most valuable tech company: ninety percent of the world’s chips are manufactured using ASML machines, powering our phones, cars, and the ai revolution.

For years, ASML operated in the background, but a geopolitical earthquake has put it in t...