U.S. chip startup Substrate unveils tool to compete with ASML

Substrate, a U.S. startup, announced it has developed a chip-making lithography tool using X-ray technology that aims to rival equipment from Dutch giant ASML. The tool has been demonstrated at U.S. national labs and the company said it raised $100 million at a valuation exceeding $1 billion. If successful, the technology could reshape semiconductor production and reduce costs for advanced chips. The move also aligns with U.S. efforts to bolster domestic chip-manufacturing infrastructure amid global supply-chain competition.