ASML, a major player in the semiconductor industry, reported a significant profit beat despite a 22% drop in sales, missing market expectations. The company attributed the sales miss to a transition year and forecasted a semiconductor rebound in the latter half of 2024. This outlook comes amid a broader decline in technology stocks in Europe, influenced by ASML's reported orders falling well short of analyst expectations. Taiwanese and South Korean chipmakers have paused purchases of high-end EUV machines. Additionally, ASML's market dynamics have been impacted by Chinese firms stockpiling semiconductor equipment, which could lead to a future drop in orders once quotas are met.