October 14, 2026

By Nigam Arora

To gain an edge, this is what you need to know today.

Market Character Shift

Please click here for a chart of ASML stock (ASML).

Note the following:

• The Morning Capsule is about the big picture, not an individual stock.  The chart of ASML stock is being used to illustrate the point.  Without ASML, the present AI revolution may not have come to pass.
• Dutch company ASML holds a monopoly in extreme ultraviolet lithography machines, which are critical for manufacturing the world’s most advanced semiconductors, including AI chips.  These highly sophisticated machines cost approximately $200 million each, while the latest generation can cost as much as $400 million.