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Cover StoryVol. 41 Issue No. 20

Semicon 2.0: The Chip Opportunity Map

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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