Shares of top lithography equipment maker ASML Holding (NASDAQ: ASML) took a steep tumble after earnings in mid-April, halving what was a heady 30% run-up in the first few months of 2024. ASML is still sporting big gains so far during the new bull market, but some investors are nevertheless suddenly concerned about the company's financial outlook.

ASML is the sole provider of EUV (extreme ultraviolet) lithography equipment used in advanced semiconductor manufacturing -- used for high-end smartphones and, of course, in chips used in artificial intelligence (AI) systems. Given this position of strength, how could ASML possibly be having anything but a banner year? Is it time to buy the dip?

In the final weeks of 2023 and the first quarter of 2024, all eyes had turned to ASML and the delivery of its newest and greatest EUV lithography machine to Intel (NASDAQ: INTC). There's a great deal of optimism that ASML will be a huge winner from the manufacturing supremacy race heating up between Intel, the current leader (both technologically and by revenue) Taiwan Semiconductor Manufacturing (NYSE: TSM), and Samsung, as well as memory chipmakers like Micron Technology (NASDAQ: MU) that are also expected to adopt more EUV lithography in the coming years.

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Source Fool.com