ASML Holding (NASDAQ: ASML) recently delivered strong quarterly earnings that surpassed expectations, but those results didn't translate into share-price gains. Why ASML shares slidPart of ASML's dip is profit-taking, as it has been on a fantastic run in 2026. Semiconductor stocks are largely priced with the expectation of rapid growth, and that includes ASML, which is trading at 40 times forward earnings. The PHLX Semiconductor Index fell 8% over the same July 15 to July 17 period when ASML slid 3%. It also raised full-year guidance to between 43 billion and 45 billion euros, a solid increase from previous expectations of 36 billion to 40 billion.