{"id":4324,"date":"2022-01-15T23:56:00","date_gmt":"2022-01-15T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=4324"},"modified":"2026-04-05T10:26:34","modified_gmt":"2026-04-05T02:26:34","slug":"asml-who-really-caught-tsmcs-neck","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/","title":{"rendered":"ASML, who dominate TSMC\u2019s fate"},"content":{"rendered":"\n<p>I suggest you also read the companion article to this one: &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/16\/why-was-asml-founded\/\">Why was ASML founded?<\/a>&#8220;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#TSMC_discussion_in_my_books\" >TSMC discussion in my books<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#ASMLs_stock_price_and_valuation\" >ASML&#8217;s stock price and valuation<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#The_role_of_lithography\" >The role of lithography<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#Upright_monopoly\" >Upright monopoly<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#How_important_ASML_is\" >How important ASML is?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#Any_way_to_bypass_ASML\" >Any way to bypass ASML?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#A_company_really_pinch_TSMCs_neck\" >A company really pinch TSMC&#8217;s neck<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#Competitors\" >Competitors<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#Products\" >Products<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#Truly_exclusive_monopoly\" >Truly exclusive monopoly<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#A_new_generation_of_EUV_extreme_ultraviolet_exposure_machine\" >A new generation of EUV extreme ultraviolet exposure machine<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#Western_uses_ASML_to_block_Chinese_semiconductors\" >Western uses ASML to block Chinese semiconductors<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#SMICs_7nm_process_already_production\" >SMIC&#8217;s 7nm process already production<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#ASMLs_policy_towards_China\" >ASML&#8217;s policy towards China<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#The_Wests_move_to_block_China_seems_to_fall_short\" >The West&#8217;s move to block China seems to fall short<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#Closing_words\" >Closing words<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TSMC_discussion_in_my_books\"><\/span>TSMC discussion in my books<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>I have discussed the company Nvidia (ticker:NVDA) in two recent books; including:<\/p>\n\n\n\n<p>In my book &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">The Rules of Super Growth Stocks Investing<\/a>&#8220;:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sections 2-4, the entire section is dedicated to introducing the company TSMC<\/li>\n\n\n\n<li>Section 3-3, analyze the business development of technology companies to grasp the pulse of key industries<\/li>\n<\/ul>\n\n\n\n<p>In my book &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010935641?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">The Rules of 10 Baggers<\/a>&#8220;:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Section 3-2, the entire section is dedicated to introducing TSMC and the global semiconductor supply chain.<\/li>\n<\/ul>\n\n\n\n<p>An ASML (ticker: ASML) lithography machine asking for 100 million euros (about 120 million US dollars, , this is the current model&#8217;s rice and will vary with features and models), but you may not get it even you have money.<\/p>\n\n\n\n<p><strong>Please pay special attention: lithography machine and etching machine are two completely different devices. ASML is a lithography machines vendor, not <strong>etching <\/strong><strong>machine<\/strong>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ASMLs_stock_price_and_valuation\"><\/span><strong>ASML&#8217;s stock price and valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is currently the world&#8217;s largest semiconductor equipment manufacturer, and the company has only one product. The stock price and valuation are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In the past five years, its stock price has risen by nearly 700%, and in the past ten years, its stock price has risen by nearly 1,115%; as shown in the figure below, it comes from Google Finance.<\/li>\n\n\n\n<li>Its current market value is US$320 billion<\/li>\n\n\n\n<li>Price to revenue ratio 16.65<\/li>\n\n\n\n<li>Price Earnings Ratio 53<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"526\" height=\"316\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2021\/12\/ASML-1600x1200-1.png\" alt=\"\" class=\"wp-image-4335\" srcset=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2021\/12\/ASML-1600x1200-1.png 526w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2021\/12\/ASML-1600x1200-1-300x180.png 300w\" sizes=\"auto, (max-width: 526px) 85vw, 526px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_role_of_lithography\"><\/span>The role of lithography<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>How important is lithography? Lithography is just a general term, which includes many links, and lithography machine (also known as exposure equipment) is the most important equipment. The other is photoresist, an important semiconductor chemical material, and photoresist materials account for about 5% of the total cost.<\/p>\n\n\n\n<p>Dozens of times of photolithography may be required in the entire wafer manufacturing process. The cost of the photolithography process accounts for 35% of the entire wafer manufacturing process, and the time consumption accounts for about 40%-50% of the entire chip production process. Depending on the advanced process and craftsmanship will vary.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Upright_monopoly\"><\/span>Upright monopoly<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_important_ASML_is\"><\/span><strong>How important ASML is?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>How important is lithography? Lithography is just a general term, which includes many links, and lithography machine (also known as exposure equipment) is the heaviest hardware device. The other is photoresist, an important semiconductor chemical material, and photoresist materials account for about 5% of the total cost.<\/p>\n\n\n\n<p>The reason is that exposure equipment accounts for about 22% of all advanced process manufacturing equipment costs and about 20% of the manufacturing time. In addition, only ASML produces advanced extreme ultraviolet exposure (EUV) equipment. EUV is the essential key to enter the advanced process below 10nm.<\/p>\n\n\n\n<p>Previously, ASML has launched three generations of EUV equipment, namely TWINSCAN NXE: 3400B, NXE: 3400C, and NXE: 3600D, all with a numerical aperture of 0.33. Theoretically, the accuracy of the wafers produced by the third-generation EUV exposure equipment is about 2 nanometers at most. Once the node is below the 2 nanometer, that is, when the micrometer (1 micrometer = 0.1 nanometer), ASML must develop higher precision equipment again. The most advanced exposure equipment is called High NA (High Numerical Aperture) EUV exposure equipment. ASML&#8217;s chief technical officer stated in September 2022 that the first High-NA EUV exposure machine will be delivered in 2023, which is the next-generation high-precision EUV exposure equipment model NXE: 5000, 0.55 high numerical aperture EUV Exposure equipment, each selling for up to $400 million.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Any_way_to_bypass_ASML\"><\/span><strong>Any way to bypass ASML?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Although DUV (Deep Ultraviolet Light Exposure) machines are mainly used for chips in mature processes, TSMC and Samsung Electronics can also produce chips with processes below 10nm. For example, TSMC is producing the first-generation 7-nanometer process (N7 node), which is produced through DUV&#8217;s 193nm immersion ArF lithography. Benjian Lin, the father of immersion lithography, believes that even without high-end and expensive EVU, it should be no problem for SMIC to achieve at least 5nm with existing equipment, breaking the stereotype that the outside world only stays at 28nm.<\/p>\n\n\n\n<p>Like TSMC, SMIC has used this method and has already successfully shipped 7nm process chips to customers in 2019. The last paragraph of this article will detail the development of the matter.<\/p>\n\n\n\n<p>However, although the line spacing can be reduced after multiple exposure through liquid infiltration using a DUV exposure machine, it has the following major disadvantages:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is very difficult to achieve the equivalent of EUV&#8217;s 13.5nm wave, that is, to achieve the yield and cost of TSMC&#8217;s 7nm process. Because TSMC\u2019s high yield rate in advanced systems is known to everyone in the industry; it\u2019s only a bit worse than its mature manufacturing process, but not much. Samsung&#8217;s new advanced manufacturing process is relatively normal, that is, the gap between the yield rate and the yield rate of the mature process is too large. This is one of the main reasons why TSMC has higher gross profit, more customers, and higher market share.<\/li>\n\n\n\n<li>The entire process of multiple exposure is just too complicated, lengthy, and time-consuming, the probability of error is higher \u2500 \u2500 resulting in low yield.<\/li>\n\n\n\n<li>Multiple exposures will inevitably increase the consumption and waste of power and resources, and will drastically lower net profit eventually.<\/li>\n<\/ul>\n\n\n\n<p>This is why SMIC has emphasized many times that SMIC has in fact already possessed the capability of more advanced processes from 12nm to 7nm, and it is completely feasible through internal empirical engineering, but it is still willing to wait for ASML&#8217;s extreme ultraviolet light exposure ( EUV). The main reason is because it does not meet the cost and economic benefits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_company_really_pinch_TSMCs_neck\"><\/span><strong>A company really pinch TSMC&#8217;s neck<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In May 2024, Bloomberg reported: &#8220;ASML can remotely shut down ASML&#8217;s machines at TSMC.&#8221;<\/p>\n\n\n\n<p>Why would I say that?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is also true that TSMC (ticker: TSM) also has many key suppliers. But most of them are oligopolistic, or alternative solutions can still be found, or they rely on TSMC more than TSMC ask for them.<\/li>\n\n\n\n<li>Without ASML\u2019s extreme ultraviolet (EUV) lithography machine, TSMC\u2019s all higher-end processes below 7nm (which is also the source of most of its revenue) would have to be shut down immediately, not only without other suppliers, and there is no alternative at all.<\/li>\n\n\n\n<li>Look at the SMIC in mainland China. It has money, people, a market, and customers; the only thing it lacks is ASML&#8217;s extreme ultraviolet (EUV) lithography machine. If ASML announces that it immediately agrees to ship its extreme ultraviolet lithography machine to SMIC, we can be said with confidence that Taiwan\u2019s share price will immediately fall sharply, and it will continue to bottom out. On the contrary, ASML\u2019s own stock price and SMIC\u2019s stock price will immediately rise sharply and continue to hit new highs. For this part, I suggest you refer to my other blog post &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/30\/two-long-term-threats-to-tsmc\/\" target=\"_blank\" rel=\"noreferrer noopener\">Two long-term threats to TSMC<\/a>&#8220;.<\/li>\n<\/ul>\n\n\n\n<p>In 2022, Bloomberg Businessweek once made a special report, TSMC accounted for 6% of Taiwan&#8217;s electricity consumption in 2020, and it is estimated that it will reach 12.5% in 2025. ASML&#8217;s most advanced EUV lithography equipment consumes an estimated power of about 1 million watts (depending on the model), which is more than 10 times the power consumption of previous generations of equipment, but it is the only choice for TSMC for the most advanced process.  Bloomberg Businessweek estimated TSMC has more than 80 EUVs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Competitors\"><\/span><strong>Competitors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 2020, the total global sales of lithography machines were 413 units. Among them, ASML sold 258 units accounting for 62%, Canon (ticker: CAJ) sold 122 units accounted for 30%, and Nikon (ticker: NINOY) sold 33 units accounted for 8%. However, the current product level of Nikon and Canon is only about the level of ASML&#8217;s next-level deep ultraviolet light source (DUV) level (ASML&#8217;s DUV light source lithography machine can still be sold to China, because it is not regulated by the United States). Calculated by sales, because only ASML has the ability to manufacture the most expensive extreme ultraviolet lithography machine, the total market share is 91%, 3%, and 6% in order. So at present, neither Nikon nor Canon can pose a threat to ASML.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Products\"><\/span>Products<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Truly_exclusive_monopoly\"><\/span><strong>Truly exclusive monopoly <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>I mentioned in the book &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noopener\">The Rules of Super Growth Stocks Investing<\/a>&#8221; that there are very few real monopoly companies in the market, mainly because the government will definitely intervene and it is impossible for this to happen. And as long as it is a monopolistic enterprise, the profit must be substantial, because it must have the power to increase prices, and customers can only be at the mercy of it, as evidenced by ASML&#8217;s 120 million US dollar machine. ASML has only a dozen EUV production capacity a year. Therefore, in reality, apart from state-owned enterprises, it is almost impossible for any country to have any independent manufacturers. ASML can be said to be the only company that I can think of at the moment, really super large, in the technology sector, and truly monopoly.<\/p>\n\n\n\n<p>ASML has an absolute advantage in the global semiconductor equipment lithography machines, with a 90% market share in similar products worldwide and a 100% market share below 14 nanometer process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_new_generation_of_EUV_extreme_ultraviolet_exposure_machine\"><\/span>A new generation of EUV extreme ultraviolet exposure machine<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The High-NA EUV exposure machine is ASML&#8217;s latest generation of lithography equipment, which will be officially shipped in 2022, which indicates that ASML has taken another big step forward on the road of 0.55 numerical aperture lithography technology. This equipment is a key lithography equipment for future investment in gate-all-around (GAA) technology and 2nm node process. The main foundry manufacturers should be Intel, TSMC, and Samsung. It is reported that they are already conducting installation tests.<\/p>\n\n\n\n<p>At present, the three generations of EUV extreme ultraviolet exposure machines launched by ASML are TWINSCAN NXE: 3400B, NXE: 3400C, NXE: 3600D, and the numerical apertures are all 0.33. In theory, the accuracy of the wafers produced by the third-generation EUV extreme ultraviolet exposure machine equipment can only reach about 2 nanometers at most. It is necessary to develop higher-precision exposure equipment, called High NA (High Numerical Aperture) EUV extreme ultraviolet exposure equipment. The latest next-generation high-precision EUV extreme ultraviolet exposure machine model is EXE: 5000, with a numerical aperture of 0.55, which can be used for wafer fabrication below the 2nm node, such as 1.4nm (14 angstroms), 1 nanometer (10 angstroms) and other processes.<\/p>\n\n\n\n<p>The price of the previous ASML EUV extreme ultraviolet exposure machine is 120 million US dollars, but the price of this latest EUV extreme ultraviolet exposure machine is about 400 million US dollars.<\/p>\n\n\n\n<p>By the way, it is worth mentioning that the Belgian Microelectronics Research Center (IMEC) is the main key technology partner of ASML EUV extreme ultraviolet exposure machine equipment, and IMEC is the key technology provider for many of ASML&#8217;s lithography exposures.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Western_uses_ASML_to_block_Chinese_semiconductors\"><\/span>Western uses ASML to block Chinese semiconductors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SMICs_7nm_process_already_production\"><\/span>SMIC&#8217;s 7nm process already production<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As mentioned earlier in this article, the fabrication of 7nm wafers does not require Esmol\u2019s EUV machines at all, and TSMC\u2019s 7nm does not actually use EUV lithography machines. SMIC&#8217;s cryptocurrency mining customer MinerVa has long said that SMIC&#8217;s 7-nanometer wafers will start production as early as July 2021.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ASMLs_policy_towards_China\"><\/span><strong>ASML&#8217;s policy towards China<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>SMIC announced in March 2021 that ASML has signed an order for deep ultraviolet (DUV) lithography equipment of US$1.2 billion, with a deadline of the end of 2021.<\/p>\n\n\n\n<p>ASML has repeatedly stated that it maintains an open attitude towards land-based exposure machines and fully supports them within the legal framework. Except for EUV machines, other products can be shipped to land-based customers. In recent years, ASML&#8217;s shipments to the continental market accounted for 30% of the global sales, and the previous installed capacity in the mainland was close to 1,000 units.<\/p>\n\n\n\n<p>However, it has been reported recently that in order to completely block the semiconductor industry in mainland China, the United States has planned to extend the ban to a mature manufacturing process starting in 2022. In other words, once the new ban comes true (this new ban has too much impact and may hurt many American manufacturers), ASML will not even be able to export DUV lithography equipment to mainland China.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Wests_move_to_block_China_seems_to_fall_short\"><\/span><strong>The West&#8217;s move to block China seems to fall short<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Beijing authorities have identified the semiconductor supply chain and dealt with it as a &#8220;national emergency.&#8221;<\/p>\n\n\n\n<p>In June 2021, <a href=\"https:\/\/www.scmp.com\/tech\/tech-trends\/article\/3166499\/chip-lithography-leader-asml-flags-possible-intellectual-property\" target=\"_blank\" rel=\"noreferrer noopener\">ASML\u2019s chief executive publicly stated that the implementation of an embargo on China\u2019s cutting-edge lithography machines will result in China\u2019s own R&amp;D and manufacturing<\/a>, which may result in technological breakthroughs in three years. The machine market was shocked and even forced ASML to withdraw from the market. Judging from past experience, as long as China masters this technology, China&#8217;s production costs will be cheaper than internationally. At that time, ASML may have withdrawn from the world lithography machine market. What I want to say is that competitors&#8217; comments on the company are not only the most valuable for reference, but also the most accurate (Buffett once had a similar view).<\/p>\n\n\n\n<p>Previously, SMEE (Shanghai Microelectronics), a domestically produced lithography machine in China, has already claimed to enter 28nm and 14nm since mid-2020, but the yield rate of finished products was not high at that time. However, on 11\/26\/2021, the mainland Chinese media IT House reported that Foxconn\u2019s first packaging and testing plant in Qingdao, Shandong Province, introduced 46 sets of 28-nanometer lithography machines made by Shanghai Microelectronics made in China in one go. This is an amazing achievement. The domestic lithography machine that represents mainland China has broken through from 90nm to 28nm in just a few years. It\u2019s just that everyone should pay special attention that these lithography machines currently delivered can only be used for the packaging of advanced wafers and cannot be used for production.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Closing_words\"><\/span>Closing words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-21\/asml-tsmc-can-disable-chip-machines-if-china-invades-taiwan\" target=\"_blank\" rel=\"noopener\">In May 2024, Bloomberg reported that according to several people familiar with the matter, ASML has ways to disable the world&#8217;s most sophisticated chipmaking machines in the event that China invades Taiwan, according to people familiar with the matter.<\/a><\/p>\n\n\n\n<p>As the title of this article says: ASML, who dominate TSMC\u2019s fate.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"45\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/09\/asml.jpg\" alt=\"ASML\" class=\"wp-image-13915\"\/><figcaption class=\"wp-element-caption\">credit: wikimedia<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/23\/tsmc-ceo-appalling-remarks\/\">&#8220;TSMC CEO appalling remarks on Chinese robots, inferiority to nVidia Huang<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/04\/skywater-3d-chip-us-foundry\/\">SkyWater, 3D chip leader and the only pure-play US chip foundry<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/22\/chang-refuted-by-yeh\/\">Morris Chang refuted by Yeh Wanan, Taiwan was unwilling to invest in TSMC<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/10\/chip-war-talk-about\/\">What does book &#8220;Chip War&#8221; talk about?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/05\/semiconductor-to-taiwan\/\">How important is semiconductor industry to Taiwan?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/16\/why-was-asml-founded\/\">Why was ASML founded?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/\" target=\"_blank\" rel=\"noreferrer noopener\">ASML, who dominate TSMC\u2019s fate<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/16\/risks-and-disadvantages\/\">TSMC risks and disadvantages in Taiwan<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/02\/tsmc-moat-competitiveness\/\">165 billions investment proved TSMC moat and competitiveness is fragile<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/18\/camtek-equipment\/\">Camtek: A little-known but outstanding semiconductor equipment supplier&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/06\/tsmc-originally-founded\/\">How was TSMC originally founded? Not by Morris Chang<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/28\/morris-changs-controversial\/\">TSMC Morris Chang&#8217;s controversial words and deeds<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/01\/05\/semiconductor-packaging-2\/\">TSMC is becoming the lord of semiconductor packaging, in addition to foundry<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/09\/06\/what-are-silicon-photonics\/\" target=\"_blank\" rel=\"noreferrer noopener\">What are silicon photonics? Why it&#8217;s important? and current progress<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/10\/02\/rapidus-tsmcs-rival\/\">Rapidus will be TSMC&#8217;s strongest rival in the future<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/09\/28\/how-does-onto-make-money\/\">How does Onto make money? Advanced packaging beneficiary<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/07\/08\/semiconductor-equipment\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top five semiconductor equipment providers<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/07\/10\/mong-song-liang\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mong-Song Liang, the hero of SMIC\u2019s breakthrough in US blockade<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/11\/30\/tsmc-negative-corp-culture\/\" target=\"_blank\" rel=\"noreferrer noopener\">TSMC negative toxic corp culture and management style are detrimental to its future and growth<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/10\/four-chip-companies\/#google_vignette\" target=\"_blank\" rel=\"noreferrer noopener\">Four chip companies account for one-third of S&amp;P 500 gains so far this year<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/06\/artificial-intelligence-listed-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top five lucrative artificial lucrative intelligence listed companies<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/01\/09\/tsmc-valuation\/\">Why is TSMC valuation much lower than US peers?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/01\/tsmc-dcf-value\/\">What&#8217;s TSMC DCF intrinsic value?How to calculate it quickly with a free tool?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/01\/how-many-fab-does-tsmc-have\/\" target=\"_blank\" rel=\"noreferrer noopener\">How many fabs and houses does TSMC have currently and in the future?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/13\/yield-rate-comparison\/\" target=\"_blank\" rel=\"noreferrer noopener\">Yield rate comparison of SMIC, Rapidus, TSMC, Samsung, Intel&#8217;s advanced process<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/29\/cost-of-chip-foundry\/\">The TSMC cost, sell price, and R&amp;D cost of chip foundry<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/28\/tsmc-process-roadmap\/\" target=\"_blank\" rel=\"noreferrer noopener\">Comparison of SMIC, Rapidus, TSMC, Intel, and Samsung\u2019s new process roadmaps for future chips<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/30\/two-long-term-threats-to-tsmc\/\" target=\"_blank\" rel=\"noreferrer noopener\">Two long-term threats to TSMC: US and SMIC<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/30\/tsmcs-profit-margin\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why is TSMC\u2019s profit margin much greater than competitors?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/08\/13\/how-does-tsmc-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does TSMC make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/11\/02\/zyvex\/\" target=\"_blank\" rel=\"noreferrer noopener\">Zyvex and sub-nanometer semiconductor processes, will Zyvex threat TSMC?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/01\/28\/tsmc-serious-crises\/\">TSMC gets emerging&nbsp;and serious challenges<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/24\/nvidia-changes-gaming-rules\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does nVidia make money, Nvidia is changing the gaming rules<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/12\/11\/nvidias-monopoly\/\" target=\"_blank\" rel=\"noreferrer noopener\">The reasons for Nvidia\u2019s monopoly and the challenges it faces<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/29\/arm-acquired-by-nvidia\/\">Why nVidia failed to acquire ARM?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/02\/revisiting-nvidia\/\">Revisiting Nvidia: The Absolute Leader in Artificial Intelligence, Data Center, and Graphics<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/30\/how-does-intel-make-money-and-the-benefits-to-invest-in-it\/\">How does Intel make money? and the benefits to invest in it<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/11\/05\/intels-current-difficult-dilemma\/\">Intel&#8217;s current difficult dilemma<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/11\/22\/texas-instruments-bio\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Texas Instruments make money? Amazing long term capital reward and company net profit margin!<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/22\/amd-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How AMD makes money? A rare case of turning defeat into victory<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/05\/amd-jaw-dropping\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why is AMD\u2019s performance so jaw-dropping?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/\" target=\"_blank\" rel=\"noreferrer noopener\">Qualcomm diversifies success, no nonger highly dependend on phone<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/01\/29\/how-arm-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does the ubiquitous Arm make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/23\/significant-changes-in-broadcoms-business-approach\/\" target=\"_blank\" rel=\"noreferrer noopener\">Significant changes in Broadcom\u2019s business approach<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/04\/data-center-a-rapidly-growing-semiconductor-field\/\">Data center, a rapidly growing semiconductor field<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/18\/applied-materials\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Applied Materials, lord of semiconductor equipment, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/12\/lam-research-chip-equipment\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Lam Research, top chip equipment player, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/25\/the-lucrative-semiconductor-industry\/\" target=\"_blank\" rel=\"noreferrer noopener\">The lucrative semiconductor supply chain<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/25\/global-semiconductor-chip-market-in-detail\/\" target=\"_blank\" rel=\"noreferrer noopener\">Global semiconductor chip market in detail, big dominators and markets<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/07\/semiconductor-investment\/\" target=\"_blank\" rel=\"noreferrer noopener\">6 common wrong semiconductor investment myths<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/09\/23\/3rd-gen-semiconductor\/\" target=\"_blank\" rel=\"noreferrer noopener\">Gen 3 semiconductor<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/06\/14\/eda-synopsys-cadence-mentor\/\">Three EDA oligopoly vendors: Synopsys, Cadence, and Siemens&#8217;s Mentor Graphics<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/01\/22\/how-cadence-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does, the EDA oligopoly, Cadence make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/12\/22\/how-synopsis-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Synopsis, the EDA oligopoly, make money?<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>only ASML produces advanced extreme ultraviolet exposure (EUV) equipment. EUV is the essential key to enter the advanced process below 10nm.<\/p>\n","protected":false},"author":1,"featured_media":13915,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110,490,26,24,548,579,483,11],"tags":[64,607,606,778,41,605,377,611,376,260],"class_list":["post-4324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-semiconductor","category-entry-barrier","category-hong-kong-stock-market","category-japan-stock-market","category-monopoly","category-nederland-stock-market","category-price-power","category-buffett","tag-asml","tag-caj","tag-canon","tag-imec","tag-intc","tag-ninoy","tag-samsung","tag-smee","tag-smic","tag-tsm"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/4324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=4324"}],"version-history":[{"count":108,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/4324\/revisions"}],"predecessor-version":[{"id":41562,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/4324\/revisions\/41562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/13915"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=4324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=4324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=4324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}