Dutch tech giant ASML Holdings (NASDAQ: ASML) makes equipment that's crucial for the semiconductor market. And on April 17, the company reported financial results that sent the stock sliding.

For context, before the financial report, ASML stock was up roughly 50% over the past year and had even hit an all-time high. At its peak, the company was valued at over $400 billion, fueled by investor enthusiasm for artificial intelligence (AI).

AI fuels semiconductor demand due to its outsize needs for computing power, memory, and more. This is why investors consider ASML a top AI stock and why it's up so much in the past year. Indeed, soon-to-retire CEO Peter Wennink told Bloomberg, regarding the rise of AI, "I think without ASML, without our technology, that's not going to happen."

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Source Fool.com