ASML Holding (ASML) shares plunged Tuesday morning after third-quarter bookings missed average analyst estimates and forecasts were slashed. Nasdaq puked on this news as the whole AI 'insane demand' narrative unravels.  

The Dutch company that makes the chip-making machines used by major players in the semiconductor industry reported dismal third results. 

Here's the breakdown (courtesy of Bloomberg):  

• Bookings EU2.63 billion, -53% q/q, estimate EU5.39 billion (Bloomberg Consensus)
• Net sales EU7.47 billion, +20% q/q, estimate EU7.17 billion
• Gross margin 50.8% vs. 51.5% q/q, estimate 50.7%
• Net income EU2.08 billion, +32% q/q, estimate EU1.91 billion
• Cash and other EU4.99 billion, -0.7% q/q, estimate EU4.86 billion

ASML slashed 2025 net sales and gross margin guidance as demand for AI wanes. 

Fourth quarter forecast:

• Sees net sales EU8.8 billion to EU9.2 billion, estimate EU8.95 billion
• Sees gross margin 49% to 50%, estimate 50.5%

2025 forecast: 

• Sees net sales EU28 billion, estimate EU27.71 billion 2025 YEAR FORECAST
• Sees gross margin 51% to 53%, saw about 54% to 56%, estimate 53.9%
• Sees net sales EU30 billion to EU35 billion, saw about EU30 billion to EU40 billion, estimate EU35.94 billion

ASML shares were hammered in NY, down -16%. 

Nasdaq puked as well. 

It was only a little more than a month ago when NVDA CEO Jensen Huang presented at the Goldman Tech conference in San Fran that "demand on [chips] is so great, and everyone wants to be first and everyone wants to be most." He added, "We probably have more emotional customers today. Deservedly so. It's tense. We're trying to do the best we can."

NVDA shares reversed following ASML's third quarter results...

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