Lasertec Corporation (TSE:6920) holds 100% global market share in EUV mask blank inspection systems — the only supplier in the world for this critical process. Every leading-edge chip fabricated at TSMC, Samsung, and Intel Foundry must pass through a Lasertec inspection system before wafer exposure. Operating margin of ~49% in FY2025 reflects the pricing power of a genuine monopoly. Next catalyst: A200HiT system for High-NA EUV, with multiple commercial discussions underway as of early 2026.