Executive Summary At the height of the semiconductor boom driven by AI, both ASML and TSMC have begun to repeatedly emphasize a single word: efficiency. This is not simply about operational fine-tuning. It reflects a deeper response to structural constraints. ASML, facing export restrictions and order delays, has shifted its focus toward servicing its installed base. TSMC, constrained by global resource bottlenecks, is reallocating internal capacity and improving throughput to meet surging demand for advanced