Stock prices aren’t necessarily linked to a company being important, unique, or revolutionary.

ASML’s success is highly linked to their ability to stay cutting edge with a very specific technology, and their ability to keep their literal handful of customers.

Amazon, Google, and Apple can kill a bunch of products, lose a bunch of customers, fail at a few projects, do a few things worse than other companies, and still turn a big profit.

It's far from the whole story, but hardware companies tend to have lower multiples.