Chips are at the foundation of every digital technology. Whether it's a smartphone, electric vehicle, or laptop, they are filled with chips, making this technology one of the most important products in the supply chain. As a result of their necessity, the companies behind them have significant pricing power, making them fantastic investments.

Two chip stocks that look like great buys now and are critical to the chip supply chain are Taiwan Semiconductor (NYSE: TSM) and ASML (NASDAQ: ASML). With each stock trading an attractive valuation and plenty of tailwinds on the horizon, these two could be portfolio-changing investments.

Taiwan Semiconductor and ASML are not competitors. Instead, ASML supplies its EUV (extreme ultraviolet) and DUV (deep ultraviolet) lithography machines to Taiwan Semiconductor so they can etch microscopic patterns onto the chip.

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Source Fool.com