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.

JoAnne Feeney of Advisors Capital Management joins Ed Ludlow and Caroline Hyde to discuss the investor outlook on tech and semiconductor demand as ASML provides a weak outlook and ahead of TSMC earnings.

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.