The Context Around an Impenetrable MoatThere is no doubt that ASML Holding N.V. (NASDAQ:ASML) has built an impenetrable moat in the chip industry. Industry experts believe it takes ASML Holding N.V. (NASDAQ:ASML) one year to build one High-NA EUV machine. ASML Holding N.V. (NASDAQ:ASML) also has a highly specialized supply chain for these cutting edge machines. The Latest EarningsThe question remains, though, whether ASML Holding N.V. (NASDAQ:ASML) is overvalued or a bargain at 45x forward earnings? Per the numbers we crunched, ASML Holding N.V. (NASDAQ:ASML) saw a flurry of hedge fund activity in the first three months of 2026.