{"id":92523,"date":"2026-04-27T09:59:01","date_gmt":"2026-04-27T08:59:01","guid":{"rendered":"https:\/\/ic-resources.com\/en\/?post_type=ic_edition&#038;p=92523"},"modified":"2026-05-01T13:42:44","modified_gmt":"2026-05-01T12:42:44","slug":"edition-4","status":"publish","type":"ic_edition","link":"https:\/\/ic-resources.com\/de\/the-ic-resource\/edition-4\/","title":{"rendered":"EDITION 4"},"content":{"rendered":"\n<div class=\"wp-block-group contractor_care_page\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-c5a8c70\" data-block-id=\"c5a8c70\"><style>.stk-c5a8c70 {margin-bottom:0px !important;}.stk-c5a8c70-column{--stk-columns-spacing:0px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}@media screen and (max-width: 1023px){.stk-c5a8c70 {margin-bottom:30px !important;}}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-c5a8c70-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-cb35e5e\" data-v=\"4\" data-block-id=\"cb35e5e\"><style>.stk-cb35e5e-container{margin-top:0px !important;margin-right:0px !important;margin-bottom:0px !important;margin-left:0px !important;padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;}.stk-cb35e5e {margin-bottom:0px !important;}@media screen and (max-width: 1023px){.stk-cb35e5e {margin-bottom:0px !important;}.stk-cb35e5e-container{padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-cb35e5e-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-cb35e5e-inner-blocks\">\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-db9a768\" data-block-id=\"db9a768\"><style>.stk-db9a768 {margin-bottom:0px !important;}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-db9a768-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-a49abe3 stk-block-background stk--has-background-overlay\" data-v=\"4\" data-block-id=\"a49abe3\"><style>.stk-a49abe3 {background-color:transparent !important;background-image:url(https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/05\/Group-492-scaled-e1760099553806.png) !important;padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;margin-bottom:0px !important;}.stk-a49abe3:before{opacity:0.4 !important;background-image:linear-gradient(0deg,rgb(0,44,90) 0%,rgba(0,44,99,0) 100%) !important;}.stk-a49abe3-container{padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-a49abe3-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-a49abe3-inner-blocks\">\n<div class=\"wp-block-stackable-image-box stk-block-image-box stk-hover-parent stk-block stk-80a0e05 stk-block-background is-style-plain image_box\" data-block-id=\"80a0e05\"><style>.stk-80a0e05 {background-color:#002c5a !important;margin-bottom:0px !important;z-index:2 !important;}.stk-80a0e05:before{background-color:#002c5a !important;}<\/style><div class=\"stk-block-content stk-inner-blocks has-text-align-left stk-row stk-block-image-box__content\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-d847f67 stk-block-background stk--has-background-overlay\" data-v=\"4\" data-block-id=\"d847f67\"><style>.stk-d847f67-container{margin-top:0px !important;margin-right:0px !important;margin-bottom:0px !important;margin-left:0px !important;padding-top:32px !important;padding-right:32px !important;padding-bottom:32px !important;padding-left:32px !important;display:flex !important;}.stk-d847f67 {background-color:transparent !important;padding-top:200px !important;padding-right:30px !important;padding-bottom:60px !important;padding-left:30px !important;margin-bottom:0px !important;z-index:4 !important;}.stk-d847f67:before{background-image:linear-gradient(0deg,rgb(0,44,90) 0%,rgba(0,44,90,0) 100%) !important;}.stk-d847f67-inner-blocks{justify-content:flex-end !important;}@media screen and (max-width: 1023px){.stk-d847f67 {padding-top:120px !important;padding-right:30px !important;padding-bottom:30px !important;padding-left:30px !important;}.stk-d847f67-container{padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-d847f67-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-d847f67-inner-blocks\">\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-07a750a\" id=\"the-ic-resource-br-em-edition-em-4\" data-block-id=\"07a750a\"><style>.stk-07a750a {margin-bottom:50px !important;}.stk-07a750a .stk-block-heading__text{font-size:52px !important;color:#FFFFFF !important;letter-spacing:-1px !important;}@media screen and (max-width: 1023px){.stk-07a750a {margin-bottom:25px !important;}.stk-07a750a .stk-block-heading__text{font-size:36px !important;}}<\/style><h1 class=\"stk-block-heading__text has-text-color has-white-color has-text-align-center\">The IC Resource<br><em>Edition <\/em>4<\/h1><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-67c8826\" id=\"span-style-color-ffffff-class-stk-highlight-welcome-to-the-ic-resource-strong-your-quarterly-look-at-the-global-semiconductor-industry-strong-span\" data-block-id=\"67c8826\"><h3 class=\"stk-block-heading__text has-text-align-center\"><span style=\"color: #ffffff;\" class=\"stk-highlight\">Welcome to the IC Resource &#8211; <strong>your quarterly look at the global semiconductor industry.<\/strong><\/span><\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-f7920a8\" data-block-id=\"f7920a8\"><style>.stk-f7920a8 .stk-block-text__text{font-size:15px !important;}@media screen and (max-width: 1023px){.stk-f7920a8 .stk-block-text__text{font-size:15px !important;}}<\/style><p class=\"stk-block-text__text has-text-align-center\"><span style=\"color: #ffffff;\" class=\"stk-highlight\"><strong>Edition 4. Q1 2026<\/strong><\/span><br><span style=\"color: #ffffff;\" class=\"stk-highlight\">Global insights from industry experts <span style=\"color: #ffffff;\" class=\"stk-highlight\">Claus Aasholm<\/span>, Shawn Mahon and Ole Gerkensmeyer.<br><\/span><\/p><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-59fa979\" data-block-id=\"59fa979\"><style>.stk-59fa979 {padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;}.stk-59fa979-column{--stk-columns-spacing:0px !important;--stk-column-gap:40px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-59fa979-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-7312a16 stk-block-background\" data-v=\"4\" data-block-id=\"7312a16\"><style>.stk-7312a16-inner-blocks{align-items:flex-start !important;justify-content:flex-start !important;}.stk-7312a16 {background-color:#ffffff !important;margin-top:-2px !important;}.stk-7312a16:before{background-color:#ffffff !important;}.stk-7312a16-container{padding-top:5px !important;padding-right:5px !important;padding-bottom:5px !important;padding-left:5px !important;}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-7312a16-container stk--no-background stk--no-padding\"><div class=\"stk--column-flex stk-block-content stk-inner-blocks stk-7312a16-inner-blocks\">\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-60da788\" data-block-id=\"60da788\"><style>.stk-60da788-column{--stk-columns-spacing:0px !important;--stk-column-gap:10px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-60da788-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-37800d5 stk-block-background stk--has-background-overlay\" data-v=\"4\" data-block-id=\"37800d5\"><style>.stk-37800d5-container{margin-top:0px !important;margin-right:0px !important;margin-bottom:0px !important;margin-left:0px !important;}.stk-37800d5 {background-color:#00000000 !important;background-image:url(https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/11\/New-Sector-Images12-1.png) !important;}.stk-37800d5:before{background-color:#00000000 !important;opacity:1 !important;}@media screen and (min-width: 768px){.stk-37800d5 {flex:var(--stk-flex-grow, 1) 1 calc(25% - var(--stk-column-gap, 0px) * 1 \/ 2 ) !important;}}@media screen and (min-width: 768px) and (max-width: 1023px){.stk-37800d5 {flex:var(--stk-flex-grow, 1) 1 calc(100% - var(--stk-column-gap, 0px) * 0 \/ 1 ) !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-37800d5-container stk--no-background stk--no-padding\"><div class=\"has-text-align-right stk-block-content stk-inner-blocks stk-37800d5-inner-blocks\">\n<div class=\"wp-block-stackable-image stk-block-image has-text-align-center stk-block stk-b846236\" data-block-id=\"b846236\"><style>.stk-b846236 {border-style:solid !important;border-top-width:0px !important;border-right-width:0px !important;border-bottom-width:0px !important;border-left-width:0px !important;margin-top:20px !important;}<\/style><figure><span class=\"stk-img-wrapper stk-image--shape-stretch\"><img loading=\"lazy\" decoding=\"async\" class=\"stk-img wp-image-14503\" src=\"https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/10\/1739104471264-300x300.jpeg?wsr\" width=\"300\" height=\"300\" srcset=\"https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/10\/1739104471264-300x300.jpeg 300w, https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/10\/1739104471264-150x150.jpeg 150w, https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/10\/1739104471264-768x768.jpeg 768w, https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/10\/1739104471264.jpeg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/span><\/figure><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-943b62e\" data-block-id=\"943b62e\"><style>.stk-943b62e {border-style:solid !important;border-top-width:0px !important;border-right-width:0px !important;border-bottom-width:0px !important;border-left-width:0px !important;}.stk-943b62e .stk-block-text__text{font-size:15px !important;color:#ffffff !important;line-height:1.2em !important;}@media screen and (max-width: 1023px){.stk-943b62e .stk-block-text__text{font-size:15px !important;}}<\/style><p class=\"stk-block-text__text has-text-color has-text-align-center\"><span style=\"color: #ffffff;\" class=\"stk-highlight\">Subscribe to Claus&#8216; Substack with a 40% discount<\/span><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-button-group stk-block-button-group stk-block stk-1598bc6 stackable_btn_wrapper\" data-block-id=\"1598bc6\"><div class=\"stk-row stk-inner-blocks has-text-align-center stk-block-content stk-button-group\">\n<div class=\"wp-block-stackable-button stk-block-button stk-block stk-b80166d\" data-block-id=\"b80166d\"><style>.stk-b80166d {align-items:center !important;display:flex !important;}<\/style><a class=\"stk-link stk-button stk--hover-effect-darken\" href=\"https:\/\/clausaasholm.substack.com\/subscribe?coupon=bf23eb01\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"stk-button__inner-text\">Subscribe<\/span><\/a><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-2445334\" data-v=\"4\" data-block-id=\"2445334\"><style>.stk-2445334-container{padding-top:15px !important;padding-right:15px !important;padding-bottom:15px !important;padding-left:15px !important;}@media screen and (min-width: 768px){.stk-2445334 {flex:var(--stk-flex-grow, 1) 1 calc(75% - var(--stk-column-gap, 0px) * 1 \/ 2 ) !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-2445334-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-2445334-inner-blocks\">\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-25e432d\" id=\"strong-span-style-color-002-c-5-a-class-stk-highlight-an-arm-in-every-pie-span-strong-br-strong-span-style-color-002-c-5-a-class-stk-highlight-except-the-most-delicious-span-strong\" data-block-id=\"25e432d\"><style>.stk-25e432d .stk-block-heading__text{line-height:1.2em !important;}<\/style><h1 class=\"stk-block-heading__text has-text-align-justify\"><strong><span style=\"color: #002c5a;\" class=\"stk-highlight\">An arm in every pie <\/span><\/strong><br><strong><span style=\"color: #002c5a;\" class=\"stk-highlight\">Except the most delicious<\/span><\/strong><\/h1><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-d6d9484\" data-block-id=\"d6d9484\"><style>.stk-d6d9484 .stk-block-text__text{font-size:14px !important;}@media screen and (max-width: 1023px){.stk-d6d9484 .stk-block-text__text{font-size:14px !important;}}<\/style><p class=\"stk-block-text__text\"><span style=\"color: #002c5a;\" class=\"stk-highlight\"><strong><em>Written by Claus Aasholm<\/em><\/strong><br><br><em>Claus is an expert at peeling back the layers of polished corporate messaging. <\/em><br><em>His curiosity drives him to explore semiconductor companies, focusing on the complexities of their supply chains\u2014both upstream and downstream. <\/em><br><em>He compares companies to their competitors, uncovering key insights that often go unnoticed<\/em>.<\/span><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-6344665\" data-block-id=\"6344665\"><style>.stk-6344665 .stk-block-text__text{font-size:14px !important;}@media screen and (max-width: 1023px){.stk-6344665 .stk-block-text__text{font-size:14px !important;}}<\/style><p class=\"stk-block-text__text\"><span style=\"color: #002c5a;\" class=\"stk-highlight\">From a quiet, predictable industry, the semiconductor market has turned into a quagmire of hourly news predicting either the arrival of the singularity or the end of the universe. The delivery vehicles are AI-generated catastrophising infographics on LinkedIn, sending AI stocks on a zigzag course. I don\u2019t even want to think about what the dystopia formerly known as Twitter looks like these days.<br><br>Despite being under constant pressure \u2014 from geopolitics to policy \u2014 the industry remains resilient. Time after time, it adapts.<br><br>With the US excursing in the Gulf, helium supply is now at risk, echoing the neon shortages during the bombardment of Mariupol. Tariffs and embargoes have also had unintended consequences, effectively shielding domestic industries and allowing Chinese startups to build sustainable semiconductor and AI ecosystems without government aid.<br><br>You know I follow all the news, but I don\u2019t react to every hourly \u201ccatastrophe\u201d. My timing is based on data, not noise.<br><br>My mental model for announcements remains:<br>  &#8211; Announcement \u2260 Action<br>  &#8211; Action \u2260 Scale<br>  &#8211; Scale \u2260 Completion<br>  &#8211; Completion \u2260 Outcome<br><br>Announcements move markets, but rarely reflect reality in isolation.<br><br>A recent example is Google\u2019s TurboQuant model, which reportedly reduces memory usage by 6x for LLM inference. The implication is clear: more efficient models, less memory demand. The market reacted immediately, sending memory stocks lower \u2014 just as it did with DeepSeek earlier this year.<br><br>But this reaction is based on assumption, not evidence. Lower cost models do not automatically mean lower memory demand.<br><br><strong>Which brings me to ARM.<\/strong><br><br>ARM began in 1990 as a quintessentially British success story \u2014 clever engineering, Cambridge roots, and a business built on intellectual property. Today, after its acquisition by SoftBank and a failed Nvidia takeover, it sits as one of the most critical players in the semiconductor ecosystem, with its IP in over 350 billion devices.<br><br>At the recent ARM Everywhere event, the company unveiled its first merchant processor \u2014 the ARM AGI CPU \u2014 marking a shift towards a more integrated, Nvidia-style model. This includes full server configurations, from air-cooled racks with thousands of cores to liquid-cooled systems with tens of thousands and petabytes of memory.<\/span><br><br><span style=\"color: #002c5a;\" class=\"stk-highlight\">While CPU-based servers may sound like a step backwards in an AI world dominated by GPUs, ARM\u2019s insight is clear: AI workloads are driving a surge in CPU demand.<br><br>Rene Haas expects data centre CPU usage to increase from 30 million to 120 million cores per gigawatt \u2014 a 4x increase. AI workloads may be driven by accelerators, but CPUs handle orchestration. As GPU-to-CPU ratios shift, cheaper CPUs could replace expensive GPUs, each requiring their own memory allocation.<br><br>That has implications for memory demand \u2014 potentially the opposite of what the market assumed after TurboQuant.<br><br>ARM\u2019s business model reflects this shift. Its two revenue streams \u2014 licenses and royalties \u2014 operate as a two-stage engine: licenses drive future royalties, typically over a 2\u20133 year cycle.<br><br>Recent changes, such as the move to subscription-based \u201cTotal Access\u201d models and the introduction of Compute Subsystems (CSS), have increased both customer stickiness and royalty value. ARM is no longer selling interchangeable IP blocks; it is delivering integrated platforms that accelerate time-to-market and deepen dependency.<br><\/span><br><span style=\"color: #002c5a;\" class=\"stk-highlight\"><strong>The next step \u2014 silicon as a service \u2014 pushes ARM closer to competing with its own customers. Risky, but calculated.<\/strong><br><br>ARM\u2019s position in the ecosystem gives it leverage. From Apple to hyperscalers, its IP is foundational. Over time, it has shifted from a transactional model to one that actively shapes the customer journey \u2014 increasing both lock-in and long-term value.<br><br>At the same time, ARM is targeting one of the last strongholds: x86.<br><br>While Intel and AMD still dominate, particularly in servers, the shift towards power efficiency and AI workloads is creating an opening. ARM\u2019s share is growing, and its strategy is clearly aimed at attacking that position.<br><br>As always, I\u2019ll return to the model:<br><br>Announcements are not outcomes.<br><\/span><br><span style=\"color: #002c5a;\" class=\"stk-highlight\">But if the direction is right, the outcomes tend to follow.<\/span><\/p><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-79422d2 stk-block-background stk--has-background-overlay\" data-block-id=\"79422d2\"><style>.stk-79422d2 {background-color:#ffffff !important;background-image:url(https:\/\/ic-resources.com\/wp-content\/uploads\/2026\/04\/Plain-grey-background-scaled.webp) !important;background-position:top right !important;background-blend-mode:multiply !important;margin-bottom:0px !important;}.stk-79422d2:before{background-color:#ffffff !important;opacity:0.5 !important;}.stk-79422d2-column{--stk-columns-spacing:0px !important;--stk-column-gap:40px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-79422d2-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-5946f62\" data-v=\"4\" data-block-id=\"5946f62\"><style>.stk-5946f62-inner-blocks{align-items:flex-start !important;justify-content:flex-start !important;}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-5946f62-container stk--no-background stk--no-padding\"><div class=\"stk--column-flex stk-block-content stk-inner-blocks stk-5946f62-inner-blocks\">\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-b2a7f45\" data-block-id=\"b2a7f45\"><style>.stk-b2a7f45-column{--stk-columns-spacing:0px !important;--stk-column-gap:20px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-b2a7f45-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-8c70755\" data-v=\"4\" data-block-id=\"8c70755\"><style>.stk-8c70755 {padding-top:30px !important;padding-right:30px !important;padding-bottom:30px !important;}.stk-8c70755-container{padding-top:10px !important;padding-right:20px !important;padding-bottom:10px !important;padding-left:70px !important;}@media screen and (min-width: 768px){.stk-8c70755 {flex:var(--stk-flex-grow, 1) 1 calc(75% - var(--stk-column-gap, 0px) * 1 \/ 2 ) !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-8c70755-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-8c70755-inner-blocks\">\n<h1 class=\"wp-block-heading has-15-font-size\" id=\"h-strategic-stewardship-for-a-new-era-of-semiconductor-leadership\"><span style=\"color: #589CCD;\" class=\"stk-highlight\"><strong>Strategic Stewardship for a New Era of Semiconductor Leadership<\/strong><\/span><br><br><\/h1>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-bce57fe\" data-block-id=\"bce57fe\"><style>.stk-bce57fe .stk-block-text__text{font-size:14px !important;}@media screen and (max-width: 1023px){.stk-bce57fe .stk-block-text__text{font-size:14px !important;}}<\/style><p class=\"stk-block-text__text\"><span style=\"color: #002c5a;\" class=\"stk-highlight\">The global semiconductor industry has crossed a threshold. The disruptions of 2025\u20132026\u2014memory shortages, governance failures, geopolitical trade interventions, and now the outbreak of the Iran War\u2014are no longer isolated shocks. They are the emerging normal.<br><br>Semiconductor firms now operate in a landscape defined by persistent crisis, fragmentation, and the growing securitization of technology. The question is no longer how to navigate disruption, but how to operate within it.<\/span><br><span style=\"color: #002c5a;\" class=\"stk-highlight\"><br><br><\/span><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">Background: Memory, Governance and Geopolitics<\/span><\/strong><span style=\"color: #002c5a;\" class=\"stk-highlight\"><strong><br><\/strong><br>The memory market entered 2026 under significant strain. AI data-centre demand absorbed unprecedented DRAM capacity, pushing prices sharply higher. Contract prices rose 55\u201360% in Q1 2026, with PC DRAM increasing over 100% in a single quarter. Downstream industries were forced into defensive allocation strategies, exposing how quickly a single demand driver can distort global supply.<br><br>At the same time, the Dutch government\u2019s emergency intervention in Nexperia triggered wider consequences. Export restrictions, automotive production risks, and supply chain disruption followed, highlighting a new reality: even mature-node components are now critical infrastructure.<br><br>The outbreak of the Iran War adds another layer. While not directly a semiconductor event, its implications are clear: energy volatility, shipping disruption, increased cyber risk, and further securitization of technology. Geopolitical \u201cwildcards\u201d can now reshape the industry overnight.<\/span><br><span style=\"color: #002c5a;\" class=\"stk-highlight\"><br><br><\/span><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">A Market Defined by Structural Forces<\/span><\/strong><span style=\"color: #002c5a;\" class=\"stk-highlight\"><br><br>These events reveal a deeper shift. Semiconductor markets are no longer purely cyclical, but shaped by four structural dynamics:<br><br><strong>1. The Securitization of Technology<\/strong><br>Headquarters location is now a geopolitical decision. Semiconductor firms are increasingly treated as national assets, aligned with the strategic interests of their home markets.<br><br><strong>2. Fragmenting Sovereignties<\/strong><br>Export controls, localization policies, and trade restrictions are now core operating conditions. Companies spanning jurisdictions face increasing instability as regulatory systems diverge.<\/span><br><br><span style=\"color: #002c5a;\" class=\"stk-highlight\"><strong>3. Capacity Capture by AI<\/strong><br>AI is no longer a temporary demand spike. It is setting the template for future compute-intensive industries, from autonomy to defense, each capable of distorting supply in similar ways.<br><br><strong>4. Geopolitical Unpredictability<\/strong><br>Events like the Iran War reinforce a baseline assumption: volatility is constant.<br><br>Together, these forces suggest a shift from efficiency-driven models to resilience-led strategies.<\/span><br><span style=\"color: #002c5a;\" class=\"stk-highlight\"><br><br><\/span><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">Toward a New Semiconductor Strategy<\/span><\/strong><span style=\"color: #002c5a;\" class=\"stk-highlight\"><br><br><strong>Governance must evolve.<\/strong><br>Semiconductor firms now resemble strategic infrastructure. Governance failures can trigger political intervention, as seen with Nexperia. Oversight must match this level of importance.<br><br><strong>Strategic foresight must become operational.<\/strong><br>Companies must plan for geopolitical scenarios, not just market conditions. This includes diversifying assets across aligned regions, building redundancy into supply chains, and integrating geopolitical expertise at board level.<br><br><strong>Portfolio resilience is critical.<\/strong><br>Systemic risk often sits in mature components. Power discretes, analog, and memory remain points of fragility. Multi-region production, second sourcing, and modular design are essential.<br><br><strong>Engagement must expand.<\/strong><br>Operating across trade zones now requires active alignment with governments and regulatory bodies. Trust, transparency, and diplomacy are becoming core capabilities.<\/span><br><span style=\"color: #002c5a;\" class=\"stk-highlight\"><br><br><\/span><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">Conclusion<\/span><\/strong><span style=\"color: #002c5a;\" class=\"stk-highlight\"><strong><br><\/strong><br>The semiconductor industry is no longer defined by cycles, but by structural instability. Memory shocks, governance crises, and geopolitical conflict all point to the same reality: semiconductors are now geopolitical assets.<br><br>Strategy must adapt accordingly. Governance must reach national-security standards. Foresight must anticipate political dynamics. And even the choice of headquarters now carries strategic consequence.<\/span> <span style=\"color: #002c5a;\" class=\"stk-highlight\">The companies that succeed will not be those that avoid complexity, but those that are built to operate within it.<\/span><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-button-group stk-block-button-group stk-block stk-01a6f3a stackable_btn_wrapper\" data-block-id=\"01a6f3a\"><div class=\"stk-row stk-inner-blocks has-text-align-left stk-block-content stk-button-group\">\n<div class=\"wp-block-stackable-button stk-block-button has-text-align-center stk-block stk-d4788f5\" data-block-id=\"d4788f5\"><style>.stk-d4788f5 {align-items:center !important;display:flex !important;}<\/style><a class=\"stk-link stk-button stk--hover-effect-darken\" href=\"https:\/\/www.linkedin.com\/in\/ole-gerkensmeyer-785884\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"stk-button__inner-text\">Connect with Ole on LinkedIn<\/span><\/a><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-5c40d8f stk-block-background stk--has-background-overlay\" data-v=\"4\" data-block-id=\"5c40d8f\"><style>.stk-5c40d8f-container{margin-top:5px !important;margin-right:5px !important;margin-bottom:5px !important;margin-left:5px !important;}.stk-5c40d8f {align-self:stretch !important;background-image:url(https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/11\/New-Sector-Images9-1.png) !important;border-style:solid !important;border-right-width:0px !important;padding-top:15px !important;padding-right:15px !important;padding-bottom:15px !important;padding-left:15px !important;}@media screen and (min-width: 768px){.stk-5c40d8f {flex:var(--stk-flex-grow, 1) 1 calc(25% - var(--stk-column-gap, 0px) * 1 \/ 2 ) !important;}}@media screen and (min-width: 768px) and (max-width: 1023px){.stk-5c40d8f {flex:var(--stk-flex-grow, 1) 1 calc(100% - var(--stk-column-gap, 0px) * 0 \/ 1 ) !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-5c40d8f-container stk--no-background stk--no-padding\"><div class=\"has-text-align-left stk-block-content stk-inner-blocks stk-5c40d8f-inner-blocks\">\n<div class=\"wp-block-stackable-image-box stk-block-image-box stk-hover-parent stk-block stk-952ce6b\" data-block-id=\"952ce6b\"><div class=\"stk-block-content stk-inner-blocks has-text-align-right stk-row stk-block-image-box__content\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-4e30622\" data-v=\"4\" data-block-id=\"4e30622\"><style>.stk-4e30622 {align-items:center !important;display:flex !important;}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-4e30622-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-4e30622-inner-blocks\">\n<div class=\"wp-block-stackable-image stk-block-image has-text-align-center stk-block stk-c79ff4a\" data-block-id=\"c79ff4a\"><style>.stk-c79ff4a {margin-top:20px !important;margin-right:10px !important;margin-bottom:23px !important;}.stk-c79ff4a .stk-img-wrapper{width:200px !important;}.stk-c79ff4a .stk-img-wrapper img{object-position:47% 45% !important;}.stk-c79ff4a .stk-img-wrapper img, .stk-c79ff4a .stk-img-wrapper::after, .stk-c79ff4a .stk-img-wrapper::before{mask-image:url('data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyMDAgMjAwIj48cGF0aCBjbGFzcz0ic3F1YXJlX3N2Z19fc3QwIiBkPSJNMCAwaDIwMHYyMDBIMHoiPjwvcGF0aD48L3N2Zz4=') !important;-webkit-mask-image:url('data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyMDAgMjAwIj48cGF0aCBjbGFzcz0ic3F1YXJlX3N2Z19fc3QwIiBkPSJNMCAwaDIwMHYyMDBIMHoiPjwvcGF0aD48L3N2Zz4=') !important;}<\/style><figure><span class=\"stk-img-wrapper stk-img--shape\"><img loading=\"lazy\" decoding=\"async\" class=\"stk-img wp-image-110806\" src=\"https:\/\/ic-resources.com\/wp-content\/uploads\/2026\/04\/Ole-G.webp\" width=\"400\" height=\"400\" srcset=\"https:\/\/ic-resources.com\/wp-content\/uploads\/2026\/04\/Ole-G.webp 400w, https:\/\/ic-resources.com\/wp-content\/uploads\/2026\/04\/Ole-G-300x300.webp 300w, https:\/\/ic-resources.com\/wp-content\/uploads\/2026\/04\/Ole-G-150x150.webp 150w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/span><\/figure><\/div>\n\n\n\n<div class=\"wp-block-stackable-subtitle stk-block-subtitle stk-block stk-282edef\" data-block-id=\"282edef\"><style>.stk-282edef {margin-top:20px !important;margin-right:10px !important;margin-bottom:20px !important;}:where(.stk-hover-parent:hover,  .stk-hover-parent.stk--is-hovered) .stk-282edef{opacity:1 !important;}.stk-282edef .stk-block-subtitle__text{font-size:30px !important;color:#FFFFFF !important;line-height:1em !important;font-weight:bold !important;}@media screen and (max-width: 1023px){.stk-282edef .stk-block-subtitle__text{font-size:30px !important;}}<\/style><p class=\"stk-block-subtitle__text stk-subtitle has-text-color has-white-color has-text-align-center\"><span style=\"color: #ffffff;\" class=\"stk-highlight\"><strong>Written by<\/strong> <strong>Ole Gerkensmeyer<\/strong><\/span><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-8be5513\" data-block-id=\"8be5513\"><style>.stk-8be5513 .stk-block-text__text{font-size:12px !important;line-height:1em !important;}@media screen and (max-width: 1023px){.stk-8be5513 .stk-block-text__text{font-size:12px !important;}}<\/style><p class=\"stk-block-text__text has-text-align-center\"><span style=\"color: #ffffff;\" class=\"stk-highlight\">Chief Strategy Officer | Nexperia<\/span><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-button-group stk-block-button-group stk-block stk-3bb2c9b stackable_btn_wrapper\" data-block-id=\"3bb2c9b\"><div class=\"stk-row stk-inner-blocks has-text-align-center stk-block-content stk-button-group\">\n<div class=\"wp-block-stackable-button stk-block-button stk-block stk-b60d2d9\" data-block-id=\"b60d2d9\"><style>.stk-b60d2d9 {margin-right:10px !important;}<\/style><a class=\"stk-link stk-button stk--hover-effect-darken\" href=\"https:\/\/www.linkedin.com\/in\/paulkarazuba\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"stk-button__inner-text\">Connect on LinkedIn<\/span><\/a><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-80f2e0e\" data-block-id=\"80f2e0e\"><style>.stk-80f2e0e .stk--block-align-80f2e0e{align-items:flex-start !important;}.stk-80f2e0e {padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;margin-bottom:0px !important;}.stk-80f2e0e-column{--stk-columns-spacing:0px !important;--stk-column-gap:20px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}<\/style><div class=\"stk-row stk-inner-blocks stk--block-align-80f2e0e stk-block-content stk-content-align stk-80f2e0e-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-9a0931a\" data-v=\"4\" data-block-id=\"9a0931a\"><style>.stk-9a0931a-inner-blocks{align-items:flex-start !important;justify-content:flex-start !important;}.stk-9a0931a {margin-top:-2px !important;}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-9a0931a-container stk--no-background stk--no-padding\"><div class=\"stk--column-flex stk-block-content stk-inner-blocks stk-9a0931a-inner-blocks\">\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-8fab1c2 stk-block-background\" data-block-id=\"8fab1c2\"><style>.stk-8fab1c2 {background-color:#00000000 !important;}.stk-8fab1c2:before{background-color:#00000000 !important;}.stk-8fab1c2-column{--stk-columns-spacing:0px !important;--stk-column-gap:10px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-8fab1c2-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-28f9d05 stk-block-background stk--has-background-overlay\" data-v=\"4\" data-block-id=\"28f9d05\"><style>.stk-28f9d05 {background-image:url(https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/11\/New-Sector-Images10.png) !important;align-items:flex-start !important;padding-top:10px !important;padding-right:10px !important;padding-bottom:10px !important;padding-left:10px !important;display:flex !important;}@media screen and (min-width: 768px){.stk-28f9d05 {flex:var(--stk-flex-grow, 1) 1 calc(25% - var(--stk-column-gap, 0px) * 1 \/ 2 ) !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-28f9d05-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-28f9d05-inner-blocks\">\n<div class=\"wp-block-stackable-image stk-block-image has-text-align-center stk-block stk-047b277\" data-block-id=\"047b277\"><style>.stk-047b277 {align-items:center !important;margin-top:30px !important;margin-right:10px !important;display:flex !important;}.stk-047b277 .stk-img-wrapper{width:150px !important;}.stk-047b277 .stk-img-wrapper img{object-position:47% 45% !important;}.stk-047b277 .stk-img-wrapper img, .stk-047b277 .stk-img-wrapper::after, .stk-047b277 .stk-img-wrapper::before{mask-image:url('data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyMDAgMjAwIj48cGF0aCBjbGFzcz0ic3F1YXJlX3N2Z19fc3QwIiBkPSJNMCAwaDIwMHYyMDBIMHoiPjwvcGF0aD48L3N2Zz4=') !important;-webkit-mask-image:url('data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyMDAgMjAwIj48cGF0aCBjbGFzcz0ic3F1YXJlX3N2Z19fc3QwIiBkPSJNMCAwaDIwMHYyMDBIMHoiPjwvcGF0aD48L3N2Zz4=') !important;}<\/style><figure><span class=\"stk-img-wrapper stk-img--shape\"><img loading=\"lazy\" decoding=\"async\" class=\"stk-img wp-image-92609\" src=\"https:\/\/ic-resources.com\/wp-content\/uploads\/2026\/04\/1723488870367.webp\" width=\"200\" height=\"200\" srcset=\"https:\/\/ic-resources.com\/wp-content\/uploads\/2026\/04\/1723488870367.webp 200w, https:\/\/ic-resources.com\/wp-content\/uploads\/2026\/04\/1723488870367-150x150.webp 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/span><\/figure><\/div>\n\n\n\n<div class=\"wp-block-stackable-button-group stk-block-button-group stk-block stk-7029327 stackable_btn_wrapper\" data-block-id=\"7029327\"><div class=\"stk-row stk-inner-blocks has-text-align-center stk-block-content stk-button-group\">\n<div class=\"wp-block-stackable-button stk-block-button has-text-align-center stk-block stk-a785e6a\" data-block-id=\"a785e6a\"><style>.stk-a785e6a {margin-right:10px !important;}<\/style><a class=\"stk-link stk-button stk--hover-effect-darken\" href=\"https:\/\/www.linkedin.com\/in\/shawnmahon\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"stk-button__inner-text\">Connect with Shawn on LinkedIn<\/span><\/a><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-c854e3b\" data-v=\"4\" data-block-id=\"c854e3b\"><style>.stk-c854e3b-container{margin-top:0px !important;margin-right:0px !important;margin-bottom:0px !important;margin-left:0px !important;}.stk-c854e3b {align-self:flex-start !important;border-top-width:0px !important;border-right-width:0px !important;border-bottom-width:0px !important;border-left-width:0px !important;padding-top:30px !important;padding-right:30px !important;padding-bottom:30px !important;padding-left:30px !important;margin-bottom:0px !important;}.stk-c854e3b-inner-blocks{justify-content:center !important;}@media screen and (min-width: 768px){.stk-c854e3b {flex:var(--stk-flex-grow, 1) 1 calc(70% - var(--stk-column-gap, 0px) * 1 \/ 2 ) !important;}}@media screen and (min-width: 768px) and (max-width: 1023px){.stk-c854e3b {flex:var(--stk-flex-grow, 1) 1 calc(100% - var(--stk-column-gap, 0px) * 0 \/ 1 ) !important;}}@media screen and (max-width: 1023px){.stk-c854e3b {padding-top:30px !important;padding-right:30px !important;padding-bottom:30px !important;padding-left:30px !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-c854e3b-container stk--no-background stk--no-padding\"><div class=\"stk--column-flex stk-block-content stk-inner-blocks stk-c854e3b-inner-blocks\">\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-7c8100b\" id=\"strong-span-style-color-589-ccd-class-stk-highlight-were-already-in-it-the-20-year-semiconductor-super-cycle-span-strong\" data-block-id=\"7c8100b\"><h1 class=\"stk-block-heading__text\"><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">We&#8217;re Already In It: The 20-Year Semiconductor Super Cycle<\/span><\/strong><\/h1><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-896d00c\" data-block-id=\"896d00c\"><style>.stk-896d00c .stk-block-text__text{font-size:14px !important;}@media screen and (max-width: 1023px){.stk-896d00c .stk-block-text__text{font-size:14px !important;}}<\/style><p class=\"stk-block-text__text\"><em><span style=\"color: #002c5a;\" class=\"stk-highlight\"><strong>Written by<\/strong> <strong>Shawn Mahon<\/strong><br>Semiconductors. Supply Chain. Blockchain<\/span><\/em><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-12ffa7b\" data-block-id=\"12ffa7b\"><style>.stk-12ffa7b {column-gap:10px !important;}.stk-12ffa7b .stk-block-text__text{font-size:14px !important;}@media screen and (max-width: 1023px){.stk-12ffa7b .stk-block-text__text{font-size:14px !important;}}<\/style><p class=\"stk-block-text__text\"><span style=\"color: #002c5a;\" class=\"stk-highlight\">At CES this year, an OEM customer asked me a familiar question: \u201cJust warn me when the next cycle is coming so we can get ahead of allocation.\u201d My response surprised them: <em>we\u2019re already in it.<\/em> You\u2019re standing at the beginning of a 20-year super cycle.<br><br>The tell? Memory markets are sold out for the next two years. Not tight \u2014 sold out. HBM capacity is allocated through 2026. DRAM pricing has inflected. This isn\u2019t the typical 3\u20134 year inventory cycle. This is something different.<br><\/span><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br><br><\/span><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">The Convergence Nobody Planned For<\/span><\/strong><span style=\"color: #ffffff;\" class=\"stk-highlight\"><strong><br><\/strong><br><\/span><span style=\"color: #002c5a;\" class=\"stk-highlight\">We\u2019re seeing a rare alignment of demand drivers that compound rather than substitute.<br><br>AI and data centres aren\u2019t just consuming chips \u2014 they\u2019re consuming everything: power, cooling, networking, storage. Capex is already locked in for the decade. Energy infrastructure is undergoing a generational rebuild. Grid upgrades, battery storage, EV charging and AI data centres are all competing for the same semiconductors. This demand is policy-driven and price-inelastic.<br><br>At the same time, a generational refresh cycle is just beginning. AI-capable devices \u2014 from Copilot+ PCs to Apple Silicon \u2014 are replacing legacy hardware. Even local AI use cases are driving demand. People are buying hardware to run AI at home. Local inference is becoming a category.<br><br>Robotics and autonomy have crossed the threshold from concept to ROI. From robotaxis to humanoids in warehouses, each deployment multiplies semiconductor content per unit of output. And defense has entered a semiconductor arms race. Modern warfare is semiconductor warfare. These aren\u2019t separate cycles \u2014 they reinforce each other.<\/span><br><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br><br><\/span><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">Why This Cycle Is Different<\/span><\/strong><span style=\"color: #ffffff;\" class=\"stk-highlight\"><strong><br><\/strong><br><\/span><span style=\"color: #002c5a;\" class=\"stk-highlight\">The macro backdrop matters.<strong><br><\/strong><br>We\u2019re moving into what Cem Karsan describes as a \u201cwartime economy\u201d: strategic competition, protectionism and higher inflation. The old model of lowest cost and just-in-time supply chains is breaking. The CHIPS Act, Europe\u2019s response, and China\u2019s self-sufficiency push represent hundreds of billions in committed capital. Efficiency is being sacrificed for resilience. That\u2019s structural.<\/span><br><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br><br><\/span><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">The Software-to-Physical Rotation<br><\/span><\/strong><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br><\/span><span style=\"color: #002c5a;\" class=\"stk-highlight\">For a decade, capital favoured software. That\u2019s now reversing.<br><br>As AI moves into the physical world, hardware, infrastructure and commodities become critical. The world is not prepared for the electricity, hardware and materials required.<br><br>Software scales. Atoms don\u2019t. Capital is rotating back into fabs, power, and supply chains. Semiconductors sit at the centre of that shift.<br><\/span><br><br><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">The Taiwan Variable \u2014 and the Myth of \u201cSafe\u201d Nodes<\/span><\/strong><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br><br><\/span><span style=\"color: #002c5a;\" class=\"stk-highlight\">TSMC\u2019s dominance introduces a structural risk. But the bigger issue is how risk is distributed across node types.<br><br>  &#8211; Advanced nodes (&lt;7nm): constrained by physics and capital<br><br>  &#8211; Mid-range nodes: constrained by reshoring timelines<\/span><br><br>  &#8211; <span style=\"color: #002c5a;\" class=\"stk-highlight\">Mature nodes: constrained by geopolitical exposure<br><br>The idea that mature nodes are \u201csafe\u201d is wrong. Over decades, cost optimisation concentrated 70\u201380% of assembly capacity for basic components in China. These aren\u2019t advanced chips \u2014 but when export controls or policy shifts hit, they become immediate bottlenecks.<br><br>We saw it during the pandemic: billion-dollar production losses caused by the absence of low-cost components. The industry learned the lesson \u2014 briefly \u2014 and then reverted to cost optimisation. The difference now is that disruptions are policy-driven, not accidental.<\/span><br><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br><br><\/span><span style=\"color: #589CCD;\" class=\"stk-highlight\"><strong>What a 20-Year Cycle Means<\/strong><br><\/span><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br><\/span><span style=\"color: #002c5a;\" class=\"stk-highlight\">A super cycle doesn\u2019t remove volatility. It changes its direction. Instead of mean reversion, volatility happens around a rising trend. Demand is structural. Supply is constrained. Capital intensity is increasing. Policy support is locked in. The key difference from previous cycles: the demand floor keeps rising.<br><br>Every AI device, every automated factory, every modernised grid adds to a permanent install base that requires ongoing semiconductor production.<br><\/span><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br><br><\/span><strong><span style=\"color: #589CCD;\" class=\"stk-highlight\">The Practical Implications<\/span><\/strong><span style=\"color: #ffffff;\" class=\"stk-highlight\"><strong><br><\/strong><br><\/span><span style=\"color: #002c5a;\" class=\"stk-highlight\">If this is right, allocation becomes strategic.<br><br>  &#8211; Allocation determines your ability to ship<br>  &#8211; Planning cycles must extend beyond quarters<br>  &#8211; Supplier relationships compound in value<br>  &#8211; Node-level risk must be understood<br>  &#8211; Working capital requirements increase<br><br>This isn\u2019t temporary. If the 20-year thesis holds, this isn\u2019t a cycle to manage \u2014 it\u2019s a new operating environment.<\/span><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br><\/span><\/p><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-b316f14\" data-block-id=\"b316f14\"><style>.stk-b316f14 {padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;margin-bottom:0px !important;}.stk-b316f14-column{--stk-columns-spacing:0px !important;--stk-column-gap:40px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-b316f14-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-2609d83\" data-v=\"4\" data-block-id=\"2609d83\"><style>.stk-2609d83-inner-blocks{align-items:flex-start !important;justify-content:flex-start !important;}.stk-2609d83 {margin-top:-2px !important;}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-2609d83-container stk--no-background stk--no-padding\"><div class=\"stk--column-flex stk-block-content stk-inner-blocks stk-2609d83-inner-blocks\">\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-3be5b7e stk-block-background stk--has-background-overlay\" data-block-id=\"3be5b7e\"><style>.stk-3be5b7e {background-color:#002c5a !important;background-image:url(https:\/\/ic-resources.com\/wp-content\/uploads\/2026\/04\/ICR-Gradient-Dark.webp) !important;}.stk-3be5b7e:before{background-color:#002c5a !important;opacity:0.5 !important;}.stk-3be5b7e-column{--stk-columns-spacing:0px !important;--stk-column-gap:50px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-3be5b7e-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-d5dc4fc stk-block-background\" data-v=\"4\" data-block-id=\"d5dc4fc\"><style>.stk-d5dc4fc {background-color:#00000000 !important;}.stk-d5dc4fc:before{background-color:#00000000 !important;}@media screen and (min-width: 768px){.stk-d5dc4fc {flex:var(--stk-flex-grow, 1) 1 calc(40% - var(--stk-column-gap, 0px) * 1 \/ 2 ) !important;}}@media screen and (min-width: 768px) and (max-width: 1023px){.stk-d5dc4fc {flex:var(--stk-flex-grow, 1) 1 calc(100% - var(--stk-column-gap, 0px) * 0 \/ 1 ) !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-d5dc4fc-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-d5dc4fc-inner-blocks\">\n<div class=\"wp-block-stackable-image-box stk-block-image-box stk-hover-parent stk-block stk-9413f58\" data-block-id=\"9413f58\"><div class=\"stk-block-content stk-inner-blocks has-text-align-left stk-row stk-block-image-box__content\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-1d96535\" data-v=\"4\" data-block-id=\"1d96535\"><style>.stk-1d96535 {align-items:center !important;display:flex !important;}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-1d96535-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-1d96535-inner-blocks\">\n<div class=\"wp-block-stackable-image stk-block-image has-text-align-center stk-block stk-09b9284\" data-block-id=\"09b9284\"><style>.stk-09b9284 {margin-right:10px !important;margin-bottom:0px !important;}.stk-09b9284 .stk-img-wrapper{width:40% !important;}<\/style><figure><span class=\"stk-img-wrapper stk-image--shape-stretch\"><img loading=\"lazy\" decoding=\"async\" class=\"stk-img wp-image-7175\" src=\"https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/04\/HS-JC.png\" width=\"750\" height=\"750\" srcset=\"https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/04\/HS-JC.png 750w, https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/04\/HS-JC-300x300.png 300w, https:\/\/ic-resources.com\/wp-content\/uploads\/2025\/04\/HS-JC-150x150.png 150w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/span><\/figure><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-f9aa186\" id=\"br-span-style-color-ffffff-class-stk-highlight-strong-written-by-strong-span-span-style-color-002-c-5-a-class-stk-highlight-span-br-br-strong-span-style-color-ffffff-class-stk-highlight-james-cunningham-business-development-director-span-strong\" data-block-id=\"f9aa186\"><h3 class=\"stk-block-heading__text has-text-align-center\"><br><span style=\"color: #ffffff;\" class=\"stk-highlight\"><strong>Written by:<\/strong><\/span><span style=\"color: #002c5a;\" class=\"stk-highlight\"><\/span><br><br><strong><span style=\"color: #ffffff;\" class=\"stk-highlight\">James Cunningham &#8211; Business Development Director<\/span><\/strong><\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-button-group aligncenter stk-block-button-group stk-block stk-6949c55 stackable_btn_wrapper\" data-block-id=\"6949c55\"><div class=\"stk-row stk-inner-blocks has-text-align-center stk-block-content stk-button-group\">\n<div class=\"wp-block-stackable-button stk-block-button has-text-align-center stk-block stk-8788a78\" data-block-id=\"8788a78\"><style>.stk-8788a78 {align-items:center !important;display:flex !important;}.stk-8788a78 .stk-button{padding-right:12px !important;padding-left:12px !important;}.stk-8788a78 .stk-button:before{border-style:solid !important;border-top-width:0px !important;border-right-width:0px !important;border-bottom-width:0px !important;border-left-width:0px !important;}<\/style><a class=\"stk-link stk-button stk--hover-effect-darken\" href=\"https:\/\/ic-resources.com\/en\/meet-the-team\/james-cunningham\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"stk-button__inner-text\">Discover more about James<\/span><\/a><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-f8a3e46\" data-block-id=\"f8a3e46\"><style>.stk-f8a3e46 .stk-block-text__text{font-size:15px !important;line-height:1em !important;}@media screen and (max-width: 1023px){.stk-f8a3e46 .stk-block-text__text{font-size:15px !important;}}<\/style><p class=\"stk-block-text__text has-text-align-justify\"><br><em><span style=\"color: #ffffff;\" class=\"stk-highlight\">As well as writing long-term success stories, our aim is to contribute to the health of the industry as a whole.<\/span><br><br><span style=\"color: #ffffff;\" class=\"stk-highlight\">IC Resources has been supporting the deep-tech community since 1999. We are an independent, founder-led recruitment consultancy with a team of 70 specialist consultants who operate across Semiconductor, Electronics, Software, AI, Photonics and Quantum. <\/span><br><\/em><\/p><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-965fb71 stk-block-background\" data-v=\"4\" data-block-id=\"965fb71\"><style>.stk-965fb71-container{margin-top:0px !important;margin-right:0px !important;margin-bottom:0px !important;margin-left:0px !important;}.stk-965fb71 {align-self:flex-start !important;background-color:#00000000 !important;border-style:solid !important;border-top-width:0px !important;border-right-width:0px !important;border-bottom-width:0px !important;border-left-width:0px !important;padding-top:30px !important;padding-right:30px !important;padding-bottom:30px !important;margin-bottom:0px !important;}.stk-965fb71-inner-blocks{justify-content:center !important;}.stk-965fb71:before{background-color:#00000000 !important;}@media screen and (min-width: 768px){.stk-965fb71 {flex:var(--stk-flex-grow, 1) 1 calc(60% - var(--stk-column-gap, 0px) * 1 \/ 2 ) !important;}}@media screen and (min-width: 768px) and (max-width: 1023px){.stk-965fb71 {flex:var(--stk-flex-grow, 1) 1 calc(100% - var(--stk-column-gap, 0px) * 0 \/ 1 ) !important;}}@media screen and (max-width: 1023px){.stk-965fb71 {padding-top:30px !important;padding-right:30px !important;padding-bottom:30px !important;padding-left:30px !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-965fb71-container stk--no-background stk--no-padding\"><div class=\"stk--column-flex stk-block-content stk-inner-blocks stk-965fb71-inner-blocks\">\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-935ed49\" id=\"strong-span-style-color-ffffff-class-stk-highlight-q-1-2026-highlights-span-strong\" data-block-id=\"935ed49\"><style>.stk-935ed49 {margin-bottom:13px !important;}.stk-935ed49 .stk-block-heading__text{color:#002c5a !important;line-height:1.2em !important;}<\/style><h1 class=\"stk-block-heading__text has-text-color has-text-align-justify\"><strong><span style=\"color: #ffffff;\" class=\"stk-highlight\">Q1 2026 Highlights<\/span><\/strong><\/h1><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><br><span style=\"color: #ffffff;\" class=\"stk-highlight\"><br>From our observations as search experts in deep tech there is a pattern emerging\u2026\u00a0semiconductor, photonics, and quantum technology sectors are converging:<br><\/span><br><span style=\"color: #ffffff;\" class=\"stk-highlight\">In Semiconductors, the push beyond traditional scaling has intensified focus on advanced packaging, integration, and domain-specific architectures for AI. Companies like\u00a0NVIDIA\u00a0and\u00a0TSMC\u00a0are driving innovation not just through smaller nodes, but through system-level performance gains, particularly for data centres and edge AI. A consistent pattern is the need for packaging experts that can unlock the full capabilities of new technologies.<\/span><br><br><span style=\"color: #ffffff;\" class=\"stk-highlight\">Photonics is still a growth space with silicon photonics highlighting the limits of electronic interconnects. Firms such as\u00a0Intel\u00a0and\u00a0Cisco\u00a0are investing in optical I\/O and co-packaged optics to improve bandwidth and energy efficiency for hyperscale applications.\u00a0Interesting\u00a0also is to see the technology being applied into sensing, LiDAR, and medical imaging rather than all chasing the same design slots.<\/span><br><br><span style=\"color: #ffffff;\" class=\"stk-highlight\">Quantum technologies are transitioning from theoretical exploration to early commercialization. Companies like\u00a0IBM\u00a0and\u00a0Rigetti Computing\u00a0are developing quantum processors, while startups focus on error correction, control systems, and quantum networking. Governments globally continue to fund national quantum initiatives, reinforcing the strategic importance of the field. Making the systems robust and scalable is proving to be a challenge for some.<\/span><br><br><span style=\"color: #fffffe;\" class=\"stk-highlight\">Across all three domains, there is a noticeable shift towards interdisciplinary skill sets: combining materials science, software, and systems engineering. We see demand for engineers who can operate across these boundaries, particularly in AI-driven design, photonic integration, and quantum algorithm development.\u00a0<\/span><br><br><span style=\"color: #ffffff;\" class=\"stk-highlight\">In general, the broader trend is less about headcount growth and more about technical specialisations aligned with emerging architectures and applications. It\u2019s an interesting world out there!<\/span><br><br><strong><span style=\"color: #ffffff;\" class=\"stk-highlight\">For more information on any of the articles featured in this edition of The IC Resource, or if you would like to contribute to our future editions, please get in touch &#8211; james.cunningham@ic-resources.com or +44 (0)118 988 1166.<\/span><\/strong>6.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-6511c33\" data-block-id=\"6511c33\"><style>.stk-6511c33 {margin-bottom:0px !important;}.stk-6511c33-column{--stk-columns-spacing:0px !important;flex-wrap:wrap !important;--stk-flex-grow:0 !important;}@media screen and (max-width: 1023px){.stk-6511c33 {margin-bottom:30px !important;}}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-6511c33-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-a5a0f65\" data-v=\"4\" data-block-id=\"a5a0f65\"><style>.stk-a5a0f65-container{margin-top:0px !important;margin-right:0px !important;margin-bottom:0px !important;margin-left:0px !important;padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;}.stk-a5a0f65 {margin-bottom:0px !important;}@media screen and (max-width: 1023px){.stk-a5a0f65 {margin-bottom:0px !important;}.stk-a5a0f65-container{padding-top:0px !important;padding-right:0px !important;padding-bottom:0px !important;padding-left:0px !important;}}<\/style><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-a5a0f65-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-a5a0f65-inner-blocks\"><\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-stackable-columns stk-block-columns stk-block stk-c2f59ce\" data-block-id=\"c2f59ce\"><style>.stk-c2f59ce {margin-bottom:0px !important;}<\/style><div class=\"stk-row stk-inner-blocks stk-block-content stk-content-align stk-c2f59ce-column\">\n<div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-77da9e4\" data-v=\"4\" data-block-id=\"77da9e4\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-77da9e4-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-77da9e4-inner-blocks\">\n<div class=\"wp-block-group get_in_touch_section main_section\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f7840-o1\" lang=\"en-GB\" dir=\"ltr\" data-wpcf7-id=\"7840\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/de\/wp-json\/wp\/v2\/ic_edition\/92523#wpcf7-f7840-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"7840\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.6\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_GB\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f7840-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_uacf7_hidden_conditional_fields\" value=\"\" \/>\n<\/fieldset>\n<div class=\"wpcf7-turnstile cf-turnstile\" data-sitekey=\"0x4AAAAAABldu3DSqbRqDmUr\" data-response-field-name=\"_wpcf7_turnstile_response\"><\/div>\n\n<div class=\"uacf7-form-wrapper-container uacf7-form-7840  \"><div class=\"form_main_container\">\n<div class=\"form-title blue\"><Strong>Get in touch with James<\/strong><\/div>\n\t<div class=\"information_row three_col\">\n<p>\n\t\t<label> Email address\n\t\t\t<span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" autocomplete=\"email\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t\t<\/label>\n\t\t<label> Name\n\t\t\t<span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" autocomplete=\"name\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span> <\/label>\n\t\t<\/label>\n\n<\/p>\n\t<\/div>\n\t<div class=\"information_row two_full_half\">\n<p>\n\t\t<label> Telephone\n\t\t\t<span class=\"wpcf7-form-control-wrap\" data-name=\"tel-831\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-tel wpcf7-validates-as-required wpcf7-text 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Edition 4. Q1 2026Global insights from industry experts Claus Aasholm, Shawn Mahon and Ole Gerkensmeyer. Subscribe to Claus&#8216; Substack with a 40% discount Subscribe An arm in every pie Except the most delicious Written by Claus Aasholm [&hellip;]<\/p>\n","protected":false},"featured_media":113685,"template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-92523","ic_edition","type-ic_edition","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EDITION 4 - IC Resources<\/title>\n<meta name=\"description\" content=\"Welcome to the IC Resource - your quarterly look at the global semiconductor industry. 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