ASML remains very much a one trick pony, incredibly vulnerable to "black swan" innovation a la Clayton Christiansen. They have basically a single product, serving a single market, without meaningful competition. This circumstance virtually always produces corporate arrogance and hubris, and a complacency which resists change. Neither Eric, Peter, or Martin, while competent, seem sufficiently unique or imaginative to resist this misleadingly comfortable environment. ASML desperately needs new products, new technologies, and/or new markets.