---
title: "The AI Stack's Expansion: From EUV Monopolies to the Power Paradigm"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296894345.md"
description: "The artificial intelligence bottleneck is expanding beyond mere silicon, encompassing the physical limits of lithography at ASML, the EDA software abstraction at Cadence, and the underlying power infrastructure via MARA's strategic pivot."
datetime: "2026-08-25T10:11:52.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296894345.md)
  - [en](https://longbridge.com/en/news/296894345.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296894345.md)
generator: "portal-rs"
---

# The AI Stack's Expansion: From EUV Monopolies to the Power Paradigm

To fundamentally understand the current trajectory of the artificial intelligence boom, one must look past the immediate suppliers of GPUs and examine the broader value chain. We are witnessing a systemic expansion of the AI stack, where the constraints on progress are simultaneously atomic, structural, and infrastructural.

At the absolute foundation lies the physical limitation of semiconductor manufacturing, a chokepoint entirely dictated by ASML (ASML.US). The company's strategic moat is effectively insurmountable, a reality reflected in its 2026 Q2 net sales of EUR 9.3 billion. More significantly, its 2026 announcement that High-NA EUV technology had reached a new readiness milestone for high-volume logic products confirms its critical position. ASML doesn't just supply the AI industry; it governs the physical boundaries of its progression, a dynamic that drove major institutions like Fidelity to significantly aggressively increase their stakes earlier in the year.

However, the sheer complexity of producing these next-generation chips requires a massive layer of abstraction, which is exactly where Cadence Design Systems (CDNS.US) captures its outsized value. The company's 2026 Q2 results underscore this reality, with systems design and analysis revenue surging 37% and backlog hitting a record USD 8 billion. By integrating its AI-driven reference flows deeply with Intel's bleeding-edge 18A-P and 14A process technologies, Cadence is embedding itself as an indispensable operating system for silicon design.

Yet, the most fascinating paradigm shift is occurring at the level of raw power generation. MARA Holdings (MARA.US) presents a compelling case study of this transition. Following a challenging 2026 Q2 where revenue dropped 27% year-over-year, the former pure-play Bitcoin miner announced the acquisition of Long Ridge Energy & Power in August. This represents a calculated strategic pivot toward high-performance computing (HPC) and AI infrastructure. It highlights an emerging truth in the AI value chain: compute is ultimately constrained by energy. By securing flexible power assets, MARA is attempting to arbitrage the massive energy demands of AI workloads against its traditional crypto mining operations.

### Related Stocks

- [ASML.US](https://longbridge.com/en/quote/ASML.US.md)
- [CDNS.US](https://longbridge.com/en/quote/CDNS.US.md)
- [MARA.US](https://longbridge.com/en/quote/MARA.US.md)

## Related News & Research

- [Thornburg Investment Management Inc. Raises Stake in Cadence Design Systems, Inc. $CDNS](https://longbridge.com/en/news/297423361.md)
- [Northwestern Mutual Wealth Management Co. Boosts Stock Holdings in Cadence Design Systems, Inc. $CDNS](https://longbridge.com/en/news/297888130.md)
- [China 15 years behind in top chipmaking tools, says ASML supplier](https://longbridge.com/en/news/297850004.md)
- [Cadence Design Systems Sees AI Agents Driving Chip Design Boom and Growth](https://longbridge.com/en/news/297093033.md)
- [Jefferies Financial Group Inc. Buys Shares of 11,018 Cadence Design Systems, Inc. $CDNS](https://longbridge.com/en/news/297399240.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**