The semiconductor slump that cropped up in late 2022 is still ongoing, but indications are that a bottom for chip demand could be occurring. As a result, top chip manufacturing equipment company ASML Holding (NASDAQ: ASML) has been on the rise this year as its customers gear up for the upcoming next wave of chip demand. 

Many of ASML's chip equipment peers have struggled in 2023, but 2024 is looking like growth will be back in play -- but perhaps not for ASML. Some of its top fab customers (manufacturing facilities that make wafers, which eventually get cut into chips) are still in cash conservation mode. Is ASML stock now overvalued?

ASML had another excellent quarter over the summer of 2023. Third-quarter revenue for the Dutch company was 6.67 billion euros ($7.03 billion), up 15% from a year ago. Given ongoing equipment orders, especially from customers in China (more on that in a moment), CFO Roger Dassen reiterated the previous outlook that full-year 2023 revenue would be up 30% from 2022.  

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Source Fool.com