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.

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

STORY: Semiconductor stocks recovered some ground on Wednesday, after a downbeat forecast from chip equipment maker ASML sparked a global tech selloff.Europe's biggest tech company, which supplies machines that make semiconductor chips,