My concern about the technical picture is wondering what choices by KLAC that governmental agencies might consider "anti-competitive." Antitrust has been a non-issue for so long that I was really surprised that AMAT was unable to buy TEL. I would not want to be holding as much LRCX as I do if the KLAC merger were to founder.
Yes, the Brexit is going to hurt international trade but as usual it depends to a great extent on whose ox is gored.
Some of the current comments have come from people that now trash the very "globalization" that was touted when I was in B-school more than 30 years ago. Globalization is helping a new generation of techies at the FANG companies but leaving a huge segment of society behind.
An article from Foreign Affairs that I read a couple of years ago argued that there are two types of jobs in the new economy: 1. those that produce goods and services that can be consumed anywhere in the world; and 2. those that produce goods and services that can only be consumed locally. The local consumption producers have been left behind since the mid 1990s per the article even as the anywhere producers, like the FANG companies, have surged ahead.
Those left behind naturally resent job competition from recent immigrants that they perceive as lowering local wages. I remember comments from the board circa 2000 about programming jobs shipped overseas, a process that has accelerated and that even claimed my own wife's job after 20 years. Therein lies much of the support for Trump and for Sanders.
The parallels between Hitler/Stalin and Trump/Putin are indeed disturbing. Why the democrats stupidly offer us only yet another version of the vile Clinton presidency is beyond me. Inertia trumps creativity again.
I personally do not see why free flow of labor is essential to the entire picture for either EU or US. It enriches the rich further and diminishes the middle class. So why would the middle class vote for it?
That is about my take on it too; I might put it a little differently as "EUV, while it is here and apparently viable, is going to take a lot of work before it is in production on a massive scale."
Still, with INTC backing EUV, there could be some big breakthroughs that would make multi patterning less important, if not obsolete.
The Seeking Alpha article comparing the value of the NVLS and VSEA acquisitions is poorly written but illustrative of how a merger can be good or bad in ways that are hard to foresee but easy to criticize in hindsight.
Another historical parallel: Rick Hill did not like how the shift to 300mm wafer played out for the tool makers.
"Be not the first by whom the new is tried, nor yet the last to lay the old aside."
Interesting development: ASML's latest acquisition, Hermes Microvision. I was not aware that KLAC had given up on EUV metrology; or at least that is Maire's opinion. According to the article ASML was forced to buy Hermes to make sure EUV metrology tools are available.