With the latest ASML run up to all-time highs, on the back of a strong Q4 orders beat, we revisit our previous tactical short idea on the name. Despite the ongoing structural growth story its current valuation now appears stretched. The stock trades at a P/E of 42x, near its all-time high multiple of 46x, and sits at a 30%+ premium to its 5-year average while spot momentum is overbought, with the RSI at 73. Against the backdrop of a mixed US tech earnings season, broader US and EU indices at all-time highs, amidst full positioning by both systematic and discretionary players we see attractive asymmetric risk/reward to the downside again. We seek to add leverage on the name, taking advantage of the attractive put skew (3YPc18) and we propose Long 4x Mar26 1080 puts financed by Mar26 1200 puts costing 2.6% of underlying. (Spot ref: 1212.6)