On October 28 (local time), Substrate, a U.S.-based startup focused on lithography equipment, made an announcement. It has successfully developed a novel type of lithography machine that leverages X-ray light sources. This innovative machine is poised to go head-to-head with the High NA EUV lithography machine produced by the Dutch company ASML, which comes with a hefty price tag of nearly $400 million. In terms of technology, this new lithography machine employs particle accelerators to generate X-rays with shorter wavelengths. This breakthrough results in higher resolution and, remarkably, cuts costs by half. The company has set an ambitious goal: to achieve mass production of this machine by 2028. If successful, it could dramatically reduce the production cost of advanced wafers, bringing it down from $100,000 to a mere $10,000. Substrate has already secured $100 million in financing, and its valuation has soared past the $1 billion mark. However, the road ahead is not without obstacles. The company still faces significant challenges in terms of technical realization and ensuring efficient mass production.