Jenoptik

Jenoptik is a German photonics group that makes precision optics, optical modules, metrology systems and traffic-monitoring equipment; its largest business supplies optical components and modules to makers of chipmaking machines.

Its optics go into wafer lithography and wafer and mask inspection equipment, including for ASML, so it sits one step back in the supply chain that produces AI chips; demand follows chip-equipment spending broadly rather than AI specifically, and it also serves medical, metrology and traffic markets.

Sells optical components, modules and measurement systems mainly to equipment manufacturers in the semiconductor, medical-technology and industrial sectors, plus traffic-enforcement systems to public authorities.

Germany (Jena)

Semiconductor manufacturing equipment. The highly specialized machines and design software used to create advanced chips in the first place. Without these tools, no chip maker in the world — including the ones building NVIDIA's chips — could produce anything.