The Opportunity in Semi-Conductors

The huge, long-term tailwinds driving Semiconductor growth

Tagged: Market Commentary Portfolio Strategy

Transcript

Speaker	Timestamp	Statement
Chris Davis:		This is just shows you that semiconductor global revenue is basically a growth trend over any time period. Going all the way back to the creation of the transistor. And in a sense, that is the blue bars going up into the right. So, that is, you could take that over any time period. The red simply shows you capital spending as a percentage of that revenue. So, when you have growing revenue and then something that will tend to grow as a percentage of that revenue, those two growth rates compound on each other. And we think that's what favors, in our view, companies like Applied, that have a growing percentage of revenue dedicated to their products from customers whose revenue is growing on top of it.