Semicon 2.0: The Chip Opportunity Map
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Semiconductors are not one industry. They are a chain of highly specialised businesses with radically different capital intensity, competitive moats, technology risks and bargaining power. A wafer fab, a packaging company, a supplier of ultra-pure gases, an electronics manufacturer and a chip-design house may all sit under the same policy umbrella, but they do not create value in the same way. Nor does strategic importance guarantee attractive returns on capital.
Semiconductors are not one industry. They are a chain of highly specialised businesses with radically different capital intensity, competitive moats, technology risks and bargaining power. A wafer fab, a packaging company, a supplier of ultra-pure gases, an electronics manufacturer and a chip-design house may all sit under the same policy umbrella, but they do not create value in the same way. Nor does strategic importance guarantee attractive returns on capital.
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