Introduction
ASML, a Dutch technology giant, has become one of the world's most significant companies. The company designs and produces the tools that create the world’s most advanced computer chips, the tiny circuits that power smartphones, data centres, and artificial intelligence. Over the past decade, ASML has evolved from a specialised equipment maker into a cornerstone of global innovation. Its technology supports the progress of computing, and its influence now reaches far beyond the semiconductor industry, shaping competition among the world’s leading economies and defining the pace of technological advancement itself.
Market Drivers
Two primary forces are driving global demand for ASML’s technology: the ongoing effort to extend Moore’s Law and the increasing cost of maintaining competitiveness in advanced chipmaking. Together, they explain why ASML’s machines have become the foundation of progress in the semiconductor industry.
The first force is the pursuit of Moore’s Law, the principle that transistor density should double roughly every two years. As chips near the atomic scale, achieving that progress has become increasingly difficult. ASML’s Extreme Ultraviolet (EUV) systems are the only machines capable of printing the ultra-fine, complex patterns needed for today’s most advanced chips. Without these systems, the entire industry would struggle to sustain improvements in computing power that modern technology depends on.
The second driver is the escalating cost of competition. Each EUV system costs about $180 million, while the next generation of High-NA machines will exceed $400 million. Yet major chipmakers such as TSMC, Intel, and Samsung continue to invest heavily, knowing that losing technological ground would be far more expensive. Access to ASML’s latest tools has become the price of staying in the game.
The first force is the pursuit of Moore’s Law, the principle that transistor density should double roughly every two years. As chips near the atomic scale, achieving that progress has become increasingly difficult. ASML’s Extreme Ultraviolet (EUV) systems are the only machines capable of printing the ultra-fine, complex patterns needed for today’s most advanced chips. Without these systems, the entire industry would struggle to sustain improvements in computing power that modern technology depends on.
The second driver is the escalating cost of competition. Each EUV system costs about $180 million, while the next generation of High-NA machines will exceed $400 million. Yet major chipmakers such as TSMC, Intel, and Samsung continue to invest heavily, knowing that losing technological ground would be far more expensive. Access to ASML’s latest tools has become the price of staying in the game.
Customers
ASML’s target customers are the world’s leading semiconductor manufacturers, including TSMC, Samsung, Intel Foundry Services, SK Hynix, and Micron. These companies operate the fabrication plants that produce the most advanced chips. Fabless designers such as Broadcom and AMD also depend on these foundries to manufacture their designs. ASML serves a truly global market, with key customers in Taiwan, South Korea, and the United States, and growing demand for its Deep Ultraviolet (DUV) systems in China.
Overview of EUV and DUV Lithography Systems
ASML operates across several areas, including metrology, inspection, and computational lithography software, but lithography remains the core of its business and the foundation of its global leadership. Lithography is the process of using light to draw circuits on silicon wafers. The smaller and more precise these patterns are, the more powerful and efficient the chip becomes.
There are two main types of lithography: Deep Ultraviolet (DUV) and Extreme Ultraviolet (EUV). DUV uses light with a wavelength of 193 nanometres and has long been the standard technology for chips used in products like computers, smartphones, and cars. EUV, by contrast, uses a much shorter wavelength of 13.5 nanometres, allowing chipmakers to draw smaller and more detailed patterns. It enables the production of the 7-nanometre, 5-nanometre, and 3-nanometre chips that power modern AI processors and graphics cards.
There are two main types of lithography: Deep Ultraviolet (DUV) and Extreme Ultraviolet (EUV). DUV uses light with a wavelength of 193 nanometres and has long been the standard technology for chips used in products like computers, smartphones, and cars. EUV, by contrast, uses a much shorter wavelength of 13.5 nanometres, allowing chipmakers to draw smaller and more detailed patterns. It enables the production of the 7-nanometre, 5-nanometre, and 3-nanometre chips that power modern AI processors and graphics cards.
Why ASML Has a Competitive Advantage
ASML’s dominance in EUV lithography gives it one of the strongest competitive positions in the global technology industry. The Dutch company holds a full monopoly in EUV technology and about 90 per cent of the overall lithography market. This dominance is the result of decades of innovation, patient engineering, and long-term partnerships.
At the core of ASML’s success is a global network of suppliers and partners that no rival can reproduce. German optics specialist Carl Zeiss provides the ultra-flat mirrors that focus EUV light, each polished to an accuracy of less than a nanometre. Cymer, a California company that ASML acquired in 2013, produces the laser source that creates the plasma bursts generating EUV light. Replacing even one of these partners would require years of research and billions in investment, making ASML’s ecosystem effectively irreplaceable.
This complexity also creates enormous switching costs. Once a chipmaker installs ASML equipment, its production process is designed around it. Each EUV system contains more than 100,000 parts, costs up to $200 million, and takes months to assemble and fine-tune. These are among the most intricate machines ever built, giving ASML unmatched pricing power and customer dependence.
ASML’s lead is expected to widen with its next-generation High-NA EUV systems. These machines use a higher numerical aperture to print smaller and more precise patterns, extending Moore’s Law beyond the 2-nanometre frontier. With prices exceeding $300 million per unit and strong early demand, High-NA EUV reinforces ASML’s position at the centre of the global semiconductor industry.
At the core of ASML’s success is a global network of suppliers and partners that no rival can reproduce. German optics specialist Carl Zeiss provides the ultra-flat mirrors that focus EUV light, each polished to an accuracy of less than a nanometre. Cymer, a California company that ASML acquired in 2013, produces the laser source that creates the plasma bursts generating EUV light. Replacing even one of these partners would require years of research and billions in investment, making ASML’s ecosystem effectively irreplaceable.
This complexity also creates enormous switching costs. Once a chipmaker installs ASML equipment, its production process is designed around it. Each EUV system contains more than 100,000 parts, costs up to $200 million, and takes months to assemble and fine-tune. These are among the most intricate machines ever built, giving ASML unmatched pricing power and customer dependence.
ASML’s lead is expected to widen with its next-generation High-NA EUV systems. These machines use a higher numerical aperture to print smaller and more precise patterns, extending Moore’s Law beyond the 2-nanometre frontier. With prices exceeding $300 million per unit and strong early demand, High-NA EUV reinforces ASML’s position at the centre of the global semiconductor industry.
Competitor
In lithography, ASML faces limited but notable competition from a few specialised players. One of them is Nikon, a long-established name for semiconductor equipment. Nikon still makes DUV scanners used for older and mid-range chip production and has recently developed improved systems for high-end DUV chips. However, it does not have a working EUV platform and is several generations behind ASML in technology.
Canon also produces DUV systems, focusing on tools for display and packaging applications. Its experimental Nanoimprint Lithography (NIL) aims to provide a low-cost alternative to optical lithography but remains in early development and is not yet competitive with EUV.
China’s Shanghai Micro Electronics Equipment (SMEE) represents the most politically significant challenger. Supported by heavy state funding, SMEE is developing DUV immersion systems for the 28-nanometre node, roughly equivalent to technology from a decade ago. While far from EUV capability, SMEE could gain share in China’s domestic market for mature chips, especially as export restrictions limit ASML’s sales of advanced systems.
Beyond lithography, ASML competes with KLA Corporation in metrology and inspection, and with Synopsys and Siemens EDA in computational lithography software. None of these rivals, however, directly challenges ASML’s EUV or upcoming High-NA EUV platforms, which remain unmatched in precision and performance.
Canon also produces DUV systems, focusing on tools for display and packaging applications. Its experimental Nanoimprint Lithography (NIL) aims to provide a low-cost alternative to optical lithography but remains in early development and is not yet competitive with EUV.
China’s Shanghai Micro Electronics Equipment (SMEE) represents the most politically significant challenger. Supported by heavy state funding, SMEE is developing DUV immersion systems for the 28-nanometre node, roughly equivalent to technology from a decade ago. While far from EUV capability, SMEE could gain share in China’s domestic market for mature chips, especially as export restrictions limit ASML’s sales of advanced systems.
Beyond lithography, ASML competes with KLA Corporation in metrology and inspection, and with Synopsys and Siemens EDA in computational lithography software. None of these rivals, however, directly challenges ASML’s EUV or upcoming High-NA EUV platforms, which remain unmatched in precision and performance.
R&D Spending: ASML vs. Competitors
ASML has steadily increased its research and development spending over the past decade. In 2016, the company spent about €1.1 billion on R&D; by 2024, this had risen to over €4.3 billion, nearly four times higher. This steady growth reflects its commitment to innovation. ASML has the resources to sustain such high spending because of the strong demand for its machines, its high profitability, and the exclusivity of its technology.
ASML spends far more on research and development than any of its competitors. Nikon invests about $0.5 billion a year and Canon around $2.3 billion, but both spread that money across many different businesses. ASML, on the other hand, focuses almost entirely on lithography, allowing it to invest more deeply in this single field. As the demand for advanced chips grows, ASML’s continued reinvestment in research keeps it well ahead of the competition.
ASML spends far more on research and development than any of its competitors. Nikon invests about $0.5 billion a year and Canon around $2.3 billion, but both spread that money across many different businesses. ASML, on the other hand, focuses almost entirely on lithography, allowing it to invest more deeply in this single field. As the demand for advanced chips grows, ASML’s continued reinvestment in research keeps it well ahead of the competition.
ASML R&D Spending from 2016 to 2024 (Source: FactSet)
Financials
ASML’s stock price closed at €937.50 on October 30, 2025, on the Euronext Amsterdam, representing a fully diluted market capitalisation of €358.8 billion. The stock has returned 41.9% in the past year, driven by demand for AI’s advanced chips.
Furthermore, valuation multiples show strong alignment with peers. ASML has a Price/Sales ratio of 11.28 and an EV/Sales ratio of 10.99. The competitors’ average (excluding Canon and Nikon) is 11.40 for Price/Sales and 11.31 for EV/Sales. ASML’s valuation multiples are substantially higher than those of Canon and Nikon. Canon has a Price/Sales ratio of 0.79, while Nikon’s multiple is 0.77. While these two competitors produce DUV lithography systems, the difference is mainly explained by ASML’s strong position in the market, which in 2024 held a 90% share of the DUV lithography systems segment. Moreover, the company has an EV/EBITDA multiple (FY1) of 28.86, compared to 28.18 for the industry. The P/E (FY1) is also above the industry average, at 32.50 compared to 28.18. ASML’s higher price highlights its dominant market position.
ASML’s performance over the past few years has been strong. Net sales increased by 30.2% from 2022 to 2023 and 2.6% from 2023 to 2024. Gross margin remained stable around 50–51%, showing ASML’s robust competitive position and cost efficiency. Growth was clearly greater in 2023, a peak year for semiconductor equipment demand as clients ramped up capacity for AI. In 2024, normalised capital expenditure explains the slower growth. Net income rose from €5.6 billion to €7.8 billion in 2023 year-on-year, representing a 39.4% increase. In 2024, it fell by 3.4%, driven by higher R&D costs. The 8.1% increase in R&D was mainly related to investments in the development of systems improving the productivity of installed EUV base systems, continued investment in next-generation lithography systems, and continued investment in e-beam inspection, metrology, and YieldStar optical metrology.
Furthermore, valuation multiples show strong alignment with peers. ASML has a Price/Sales ratio of 11.28 and an EV/Sales ratio of 10.99. The competitors’ average (excluding Canon and Nikon) is 11.40 for Price/Sales and 11.31 for EV/Sales. ASML’s valuation multiples are substantially higher than those of Canon and Nikon. Canon has a Price/Sales ratio of 0.79, while Nikon’s multiple is 0.77. While these two competitors produce DUV lithography systems, the difference is mainly explained by ASML’s strong position in the market, which in 2024 held a 90% share of the DUV lithography systems segment. Moreover, the company has an EV/EBITDA multiple (FY1) of 28.86, compared to 28.18 for the industry. The P/E (FY1) is also above the industry average, at 32.50 compared to 28.18. ASML’s higher price highlights its dominant market position.
ASML’s performance over the past few years has been strong. Net sales increased by 30.2% from 2022 to 2023 and 2.6% from 2023 to 2024. Gross margin remained stable around 50–51%, showing ASML’s robust competitive position and cost efficiency. Growth was clearly greater in 2023, a peak year for semiconductor equipment demand as clients ramped up capacity for AI. In 2024, normalised capital expenditure explains the slower growth. Net income rose from €5.6 billion to €7.8 billion in 2023 year-on-year, representing a 39.4% increase. In 2024, it fell by 3.4%, driven by higher R&D costs. The 8.1% increase in R&D was mainly related to investments in the development of systems improving the productivity of installed EUV base systems, continued investment in next-generation lithography systems, and continued investment in e-beam inspection, metrology, and YieldStar optical metrology.
Overview of ASML’s Margins from 2022 to 2024 (Source: FactSet
ASML has a healthy cash position, finishing 2024 with €12.7 billion. The company uses its stable cash flow generation to return capital to shareholders through share buybacks and consistent dividend payments. Inventories, representing a major part of current assets, stood at €10.9 billion. The chipmaker’s main sources of funding are its own operations and equity. Long-term debt is relatively low at €3.7 billion in 2024. Contract liabilities are significant, as the company sells extremely expensive machines that require prepayment when the order is confirmed. In 2024, they amounted to €18.2 billion.
ASML shows a consistent ROA above the industry average at 19.1% compared to 15.1%, also above its five-year average of 17.86%. ROE stands at 48.7%, significantly above the industry average of 32.6%. Despite having a low Debt/Equity ratio of 0.14 (lower than competitors), the company achieves a higher return for shareholders. As a result of its solid cash position and capital structure, ASML has healthy liquidity and solvency ratios. The current ratio stands at 1.31, while the quick ratio is 0.70, demonstrating a sustained ability to generate cash. Five-year averages show the same trend, with 1.09 for the quick ratio and 1.64 for the current ratio. However, compared to peers, these ratios are below the industry average of 2.63 and 1.84, respectively. Strong solvency is driven by an outstanding interest coverage of 58.7 in 2024 and a five-year average of 87.7. Overall, ASML’s superior profitability, low leverage, and solid solvency show a resilient financial position that continues to support growth and value creation for shareholders.
In the latest conference call, the company announced the shipment of a new lithography system called the XT:260, designed for advanced packaging and offering four times higher productivity. Alongside this, the latest quarter showed results that missed analyst expectations. Net sales slightly decreased by 2.3%, from €7.7 billion to €7.5 billion, but increased 0.7% year-on-year. Compared to the previous quarter, sales were composed of 52% ArFi and 38% EUV, showing lower reliance on EUV than before, when it represented 48%. Moreover, China accounted for 42% of sales, much higher than the 27% of the previous quarter. ASML warns that Chinese sales will suffer a significant decline in 2026 due to trade tensions. Gross margin remained strong at 51.6%, though slightly lower than the 53.7% margin in Q2 2025. There were no significant changes in R&D, which stood at €1.1 billion, accounting for 14.8% of net sales. Net income declined 7.2% quarter-on-quarter, reaching €2.1 billion, with a net margin of 28.3% and a diluted EPS of €5.48. Although net income increased year-on-year by 2.3%, lithography systems sold fell sharply from 116 to 72. This decline was mitigated by a 27.3% increase in net services and field option sales. Regarding cash returns to shareholders, in Q3 ASML paid an interim dividend of €1.60 per ordinary share (leading to a payout ratio of 30.3%) and repurchased 218,000 shares for €148 million. The company does not expect to complete the full buyback program within the 2022–2025 timeframe. These efforts demonstrate ASML’s strategy of combining R&D investment with returning value to shareholders.
Despite trade tensions, management expects net sales between €9.2 billion and €9.8 billion for Q4, similar to FY2024 results, which amounted to €9.2 billion. Analyst revenue estimates range from €8.8 billion to €9.8 billion. The firm has shown four consecutive quarters of exceeding expectations.
ASML shows a consistent ROA above the industry average at 19.1% compared to 15.1%, also above its five-year average of 17.86%. ROE stands at 48.7%, significantly above the industry average of 32.6%. Despite having a low Debt/Equity ratio of 0.14 (lower than competitors), the company achieves a higher return for shareholders. As a result of its solid cash position and capital structure, ASML has healthy liquidity and solvency ratios. The current ratio stands at 1.31, while the quick ratio is 0.70, demonstrating a sustained ability to generate cash. Five-year averages show the same trend, with 1.09 for the quick ratio and 1.64 for the current ratio. However, compared to peers, these ratios are below the industry average of 2.63 and 1.84, respectively. Strong solvency is driven by an outstanding interest coverage of 58.7 in 2024 and a five-year average of 87.7. Overall, ASML’s superior profitability, low leverage, and solid solvency show a resilient financial position that continues to support growth and value creation for shareholders.
In the latest conference call, the company announced the shipment of a new lithography system called the XT:260, designed for advanced packaging and offering four times higher productivity. Alongside this, the latest quarter showed results that missed analyst expectations. Net sales slightly decreased by 2.3%, from €7.7 billion to €7.5 billion, but increased 0.7% year-on-year. Compared to the previous quarter, sales were composed of 52% ArFi and 38% EUV, showing lower reliance on EUV than before, when it represented 48%. Moreover, China accounted for 42% of sales, much higher than the 27% of the previous quarter. ASML warns that Chinese sales will suffer a significant decline in 2026 due to trade tensions. Gross margin remained strong at 51.6%, though slightly lower than the 53.7% margin in Q2 2025. There were no significant changes in R&D, which stood at €1.1 billion, accounting for 14.8% of net sales. Net income declined 7.2% quarter-on-quarter, reaching €2.1 billion, with a net margin of 28.3% and a diluted EPS of €5.48. Although net income increased year-on-year by 2.3%, lithography systems sold fell sharply from 116 to 72. This decline was mitigated by a 27.3% increase in net services and field option sales. Regarding cash returns to shareholders, in Q3 ASML paid an interim dividend of €1.60 per ordinary share (leading to a payout ratio of 30.3%) and repurchased 218,000 shares for €148 million. The company does not expect to complete the full buyback program within the 2022–2025 timeframe. These efforts demonstrate ASML’s strategy of combining R&D investment with returning value to shareholders.
Despite trade tensions, management expects net sales between €9.2 billion and €9.8 billion for Q4, similar to FY2024 results, which amounted to €9.2 billion. Analyst revenue estimates range from €8.8 billion to €9.8 billion. The firm has shown four consecutive quarters of exceeding expectations.
Growth in the AI Market and Adoption of High-NA EUV Systems
The artificial intelligence market is a constantly growing sector, currently valued at around $240 billion, and is expected to exceed one trillion dollars by 2031, according to the latest estimates. The impacts of this rapid growth are significant. According to UNCTAD, the United Nations body responsible for overseeing trade and development, the widespread adoption of AI in the coming years will affect 40% of professions, with a risk of automation affecting one third of those. On the other hand, it is estimated that in the most advanced economies, 27% of jobs will benefit from the application of these new tools, resulting in increased productivity and process efficiency.
Projected Growth of AI Globally from 2020 to 2031 (Source: Statista)
The development of the AI market represents a considerable growth opportunity for ASML. To understand why, it is necessary to introduce the concept of Extreme Ultraviolet (EUV) lithography. This advanced technique is fundamental to the production of semiconductor chips. The development of artificial intelligence and its growing market demand are driving the need for improved energy efficiency and increasing computational capacity. The necessity to process large amounts of data simultaneously requires the development of chips with higher transistor densities than in the past. The adoption of EUV lithography systems, of which High-NA is the latest version, enables the production of these improved chips, with applications ranging from AI to high-powered computing.
ASML maintains undisputed leadership in the production and marketing of these systems, a position that allows the firm to set trends and influence the market. Significant growth potential derives above all from a strategy on which the company has frequently relied to strengthen its position: collaborations. In the past, ASML collaborated with the German optics company Carl Zeiss on the development of ultra-flat mirrors, an essential component of the system. Major semiconductor manufacturers, including Taiwan Semiconductor Manufacturing Company (TSMC), Samsung, and Intel, have also actively participated in the company’s R&D activities through early funding and technical collaboration. The signing of joint development agreements (JDAs) therefore remains a useful tool to foster the company’s growth today.
The sales opportunities linked to the increase in demand for AI products are not limited to EUV lithography. High Bandwidth Memory (HBM) is a type of memory technology that uses stacked Dynamic Random Access Memory (DRAM) chips to achieve high-speed data transfer and low power consumption. HBM chips are a necessary component of the latest generation of AI processors and are widely used by leading companies in the sector, including Nvidia. An analysis of recent trends shows that growing demand for HBM products appears to have a positive impact on demand for EUV systems as well. As many semiconductor producers consider increasing their HBM manufacturing capacity, ASML will benefit indirectly from this expansion.
ASML maintains undisputed leadership in the production and marketing of these systems, a position that allows the firm to set trends and influence the market. Significant growth potential derives above all from a strategy on which the company has frequently relied to strengthen its position: collaborations. In the past, ASML collaborated with the German optics company Carl Zeiss on the development of ultra-flat mirrors, an essential component of the system. Major semiconductor manufacturers, including Taiwan Semiconductor Manufacturing Company (TSMC), Samsung, and Intel, have also actively participated in the company’s R&D activities through early funding and technical collaboration. The signing of joint development agreements (JDAs) therefore remains a useful tool to foster the company’s growth today.
The sales opportunities linked to the increase in demand for AI products are not limited to EUV lithography. High Bandwidth Memory (HBM) is a type of memory technology that uses stacked Dynamic Random Access Memory (DRAM) chips to achieve high-speed data transfer and low power consumption. HBM chips are a necessary component of the latest generation of AI processors and are widely used by leading companies in the sector, including Nvidia. An analysis of recent trends shows that growing demand for HBM products appears to have a positive impact on demand for EUV systems as well. As many semiconductor producers consider increasing their HBM manufacturing capacity, ASML will benefit indirectly from this expansion.
Geopolitical Risks and Export Controls
One of the biggest risks affecting ASML is the legislative framework governing the export of the products it manufactures. In recent years, the Dutch government has repeatedly introduced restrictions on the export of advanced semiconductor manufacturing equipment to many destinations outside the European Union. The purpose of these control measures is to prevent manufacturing equipment developed and produced in the Netherlands from being used for military purposes by other countries. The lithography systems manufactured by ASML are considered strategic assets, and restrictions on their sale are intended to prevent undesirable long-term dependencies, protect the Netherlands’ security interests, and preserve the country’s technological leadership. As a result of Dutch regulations, exporting EUV systems, certain DUV immersion systems, and other products requires a specific license, which is granted by the government on a case-by-case basis. Additionally, the US government has recently enacted trade measures, including limitations on conducting business with certain foreign companies, restricting ASML’s ability to provide some products and services without clearance.
The country most affected by these restrictions is China, with serious consequences for ASML. The first is the breakdown of the company’s revenues: customers in China represented 36.1% of ASML’s total net sales in 2024, a percentage that is likely to increase. Another critical issue relates to the possible adoption of countermeasures by China, which could lead to conflicting regulations, legal liabilities, and greater difficulty in sourcing critical materials. In the semiconductor industry, many raw materials are controlled by specific countries, which, in the current geopolitical context, could decide to reduce their exports, impacting ASML’s suppliers, customers, and the company itself. Finally, a further risk factor is represented by potential changes in the relationship between the Taiwanese and Chinese governments. Customers in Taiwan represented 15.4% of ASML’s total net sales in 2024 and 29.3% in 2023. Taiwan has a unique international political status, and shifts in the country’s political, economic, or social environment could impact the company’s ability to serve its local customer base.
The country most affected by these restrictions is China, with serious consequences for ASML. The first is the breakdown of the company’s revenues: customers in China represented 36.1% of ASML’s total net sales in 2024, a percentage that is likely to increase. Another critical issue relates to the possible adoption of countermeasures by China, which could lead to conflicting regulations, legal liabilities, and greater difficulty in sourcing critical materials. In the semiconductor industry, many raw materials are controlled by specific countries, which, in the current geopolitical context, could decide to reduce their exports, impacting ASML’s suppliers, customers, and the company itself. Finally, a further risk factor is represented by potential changes in the relationship between the Taiwanese and Chinese governments. Customers in Taiwan represented 15.4% of ASML’s total net sales in 2024 and 29.3% in 2023. Taiwan has a unique international political status, and shifts in the country’s political, economic, or social environment could impact the company’s ability to serve its local customer base.
Conclusion
In conclusion, ASML stands as an indispensable pillar of modern semiconductor manufacturing and global technological progress. Its unrivalled leadership in EUV and High-NA lithography, backed by decades of innovation and strong partnerships, has created a competitive moat that few can cross. Financially strong, with robust margins, low leverage, and continuous reinvestment in R&D, ASML is well positioned to capitalise on the explosive growth of AI and advanced computing. Yet, as the company navigates increasing geopolitical risks and export restrictions, its ability to balance innovation with strategic diplomacy will be critical. Ultimately, ASML’s dominance not only defines the semiconductor industry’s future but also shapes the trajectory of global innovation itself.
By: Lara Sofia Wild, Aaron Smith, Filippo Ariaudo
By: Lara Sofia Wild, Aaron Smith, Filippo Ariaudo
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