Semiconductor startup Substrate introduced a prototype X-ray lithography system aiming to disrupt ASML’s dominance in chip manufacturing equipment. The technology enables higher precision and lower power consumption, potentially accelerating U.S. semiconductor independence. Backed by In-Q-Tel and General Catalyst, Substrate’s valuation now exceeds $1 billion. Industry analysts view this as a pivotal development for next-gen chip fabrication, though commercialization will depend on manufacturing scale and global supply-chain readiness.