ASML, they make the machines that make the semiconductors, orders have slowed and share price has tumbled, is it now undervalued?

They make the shovels (machines) that mine the gold (semiconductors). Therefore once companies have the machines they don’t immediately need new ones, hence the hype around this company reduced as people realised its profitability isn’t as exponential as Nvidia. However, they lead the market in terms of the size of semiconductor their machines can produce and are only ever another set of orders away from a surprise upside on earnings and when advances are made to the technology companies will need the new machines to stay competitive.

The hype ended and investors have been selling off over the last 6 months. Is the mood ready to change for the future upside of this stock?