At $730 per share, ASML stock looks reasonably valued at 27 times forward earnings. However, it could remain under pressure until it overcomes its near-term headwinds and its bookings growth accelerates again. So if you already own ASML stock, it's smarter to simply hold it and ride out the cyclical downturn instead of selling it.

ASML Holding the Dutch microchip equipment maker, saw its stock slide after saying the recovery will take longer than expected. ASML said its third-quarter profit jumped to 2.08 billion euros, or 5.28 euros a share,

Global chip stocks continued to slump after Dutch semiconductor-equipment maker ASML Holding warned the recovery for some areas of the industry would be slower than expected, raising fears among investors of a prolonged downturn in demand.

The Dutch chipmaker’s third-quarter results missed estimates and were published a day earlier than expected due to a technical error.

All members of the PHLX Semiconductor Index were in positive territory Thursday as TSMC offered upbeat commentary on the sector.

Nvidia stock was rising Wednesday as investors digested the fallout from Tuesday’s chip stocks plunge after the early release of disappointing earnings and outlook from Dutch semiconductor-equipment maker ASML.