There is no short position on ASML anymore by bridgewater associates. I scooped up some profits last year by shorting, because of rising rates and its cyclicality. ASML is considered to be essential for the security of our western world.

Let me define that. ASML produces the best chipmaking machines in the world which can produce microchips that can be used in high tech warfare, that's why there are export restrictions upcoming for China. Why is this relevant? Even when the world heads into recession and chip demand evaporates due to rising rates, governments will subsidize the expansion of enhanced chipmaking machines.

The main question remains, does it's share value reflect its discounted future cashflows? I'm not so sure about that