WAFERS TO WALL STREET—
CHANGING INVESTOR PERCEPTIONS, GROWING TRENDS IN SEMICONDUCTORS
No longer is a single monolithic demand driver propelling the electronics manufacturing supply chain. The rapidly expanding digital economy continues to foster innovation with new demand from the IoT, virtual and augmented reality (VR/AR), automobile infotainment and driver assistance, artificial intelligence (AI), Big Data, Quantum Computing, 5G and cryptocurrency, among others. With the explosion in data usage, memory demand is nearly insatiable and is holding memory device ASPs high, prompting continued heavy investment in new capacity.
The industry has been transformed through cycles of these disruptive new applications, sector consolidation, frenzied speculation and its resulting bubbles, and the rise of China. Through it all, prosperity and rational behavior have somehow prevailed. While cycles continue, the severity has been tempered by AI and other new semiconductor applications, engendering a completely connected world where silicon is more pervasive than ever before.
Join your industry colleagues as we review changes in investor perceptions of semiconductor capital equipment and materials companies, the industry's transition from pure cyclical plays to today's consolidated industry where cycles appear more muted and valuations less volatile. The program includes a 2019–2020 outlook, drivers and headwinds.