The Nasdaq Composite index has recovered impressively in the past six months with a gain of 10%, and this rally has rubbed off positively on shares of ASML Holding (NASDAQ: ASML).

Shares of the semiconductor bellwether -- whose lithography machines allow chipmakers and foundries to manufacture advanced chips -- have surged 12% in the past six months. ASML's rally is justified given the pace at which it is growing despite a slowdown in the semiconductor equipment market, driven mainly by its huge order backlog. A closer look at the semiconductor market and ASML's key metrics suggest that its terrific rally is here to stay.

ASML's earnings nearly tripled in the first quarter of 2023 to $5.31 per share from $1.88 per share in the year-ago quarter. The company reported revenue of 6.75 billion euros ($7.24 billion) during the quarter, which was a big jump over the prior-year period's figure of $3.84 billion. Those numbers crushed Wall Street's estimates of $4.62 per share in earnings on $6.96 billion in revenue.

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Source Fool.com