Macro Minutes: Performance Drivers for Semiconductors

In this Macro Minutes video, Fisher Investments’ Securities Research Analyst YoungRo Yoon provides an overview of the semiconductor industry and explains our outlook. 

Key Points

  • Accelerated chip demand during the pandemic and supply chain issues led to stronger pricing power and margin expansions for chipmakers.
  • From an investment perspective, not all semiconductor companies are created equal. Semiconductor companies may design, manufacture or provide infrastructure for chip production.
  • Semiconductor margins meaningfully expanded over the years due to specialized equipment and complexity in technology.

*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.
About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $197 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 100,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 3/31/2022)