Thiel-Backed Chip Startup Named Substrate Is Seeking to Crack ASML’s Dominance

A secretive American startup has emerged with aspirations to challenge two titans of the semiconductor industry: ASML Holding NV and Taiwan Semiconductor Manufacturing Co.

The company, Substrate, has developed a new chipmaking machine that uses particle acceleration to handle lithography — the crucial process of etching microscopic circuitry onto silicon wafers. Claiming to have solved one of technology’s toughest problems, Substrate aims to compete with ASML, whose equipment is currently the only option for making advanced processors.