ASML and Applied Materials (AMAT) are both benefiting from the AI chip boom, but their setups are different right now. ASML is the sole supplier for advanced EUV lithography machines. Their demand is booked into 2027, and management noted that production capacity is their main constraint, not customer orders. Intel is already using their newer High-NA EUV tech for commercial production. AMAT handles other parts of chipmaking like materials shaping and packaging. They posted strong Q3 results with revenue up 25% and EPS up 43%. The stock still fell 5% after earnings, largely because investor expectations were already priced very high. Both have China risks. ASML gets about 20% of sales from China and faces some local competition in older DUV tech, but their EUV moat is intact. AMAT gets 28% of sales from China and faces a more immediate threat from local competitors in their core markets. Looking at valuation, AMAT trades at 27.4x forward earnings with about 44% expected growth next year. ASML is trading at 30.8x with 35% expected growth. AMAT looks cheaper with faster near-term growth, but they will need to keep beating high market expectations to move the stock.