Shares of key semiconductor equipment supplier ASML Holdings (NASDAQ: ASML) rallied 17.1% in January, according to data from S&P Global Market Intelligence.

ASML reported fourth-quarter earnings on Jan. 24, with better-than-expected results. Management had been fairly conservative with its 2024 outlook on the prior quarter's call, saying it would only see relatively flat growth to 2023; revenue jumped 30.2% over 2022.

However, ASML's net bookings, which takes in the total amount of orders received in the quarter that may be shipped in the future, jumped 353% quarter over quarter, reversing three quarters of declines and indicating 2024 may be a better year than management is letting on.

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Source Fool.com