Semiconductor stocks have been in red-hot form on the market for more than a year now, but things haven't been all rosy of late. The PHLX Semiconductor Sector index picked up some momentum in May following a tepid performance in March and April, and that's not surprising as some major names in this sector have witnessed a pullback in their share prices, including ASML Holding (NASDAQ: ASML).

Let's see why that has been the case and check why investors would do well to buy ASML stock right away while it is still down.

Dutch semiconductor equipment giant ASML Holding gave the market a big shock with its first-quarter 2024 results. The company -- known for selling lithography machines that allow chipmakers and foundries to manufacture chips -- delivered mixed Q1 results. Its revenue was down 24% year over year to $5.63 billion last quarter, missing the consensus estimate of $5.87 billion.

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Source Fool.com