"Currently we see no signs of any weakening in our customer base. Zero. And even if demand weakens, there is a big gap between the demand and our capacity."

Peter Winnik, ASML CEO in their conference call

I keep saying it. At a fundamental level, demand for digital systems is increasing every year and there is no obvious end in sight. Not this year, next year and unlikely the year after. The more likely scenario is a bunch of major demand drivers will come into play (example: someone described cars becoming data centers on wheels, and that cycle hasn't even begun) and chip supply will remain tight for 5-10 years. Maybe not as tight as its been recently, but any oversupply is likely to be infrequent and short-lived for the next decade or so.

The underlying demand is just so incredibly large.

Which is good for $Applied Materials(AMAT)$ $ASML Holding NV(ASML)$ , $KLA-Tencor(KLAC)$ , $Lam Research(LRCX)$ among others. All extremely undervalued.