Summary

• ASML Holding N.V. maintains its strategic dominance in wafer fab equipment, benefiting from both memory and logic sector demand, driving growth for its EUV systems.
• Valuation multiples have surged to 45x forward earnings, which could precede a peak in ASML's investing sentiments.
• Memory has driven tremendous upside, but could normalize in CY2027. ASML's forward visibility has strengthened dramatically, but also reflected in its multiples.
• As ASML's multiple has reached dizzying heights, I believe that the moment of reckoning could be soon upon us.
• As ASML stock reaches a potentially peak euphoria state, the right thing to do for me is to stay and wait for the buying opportunity to come back to us.
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ASML: Finally, time for a pullback?

Has the incredible rise in the stock of ASML Holding N.V. (ASML) finally coming to a well-deserved pause? In my several years of covering ASML, I have never had

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