Semiconductors are the unsung heroes of the technology world, working behind the scenes to power everything from toys and smartphones to cars and thermostats. In recent years, they have enabled breakthrough technologies, including artificial intelligence and machine learning, that have transformed how we live and work. Taking the digital revolution to the next level will require even more advanced chips with greater computational power and memory capacity.With the COVID-19 crisis disrupting supply chains and geopolitical tensions increasing, semiconductor companies have become more interested in achieving end-to-end design and manufacturing capabilities for leading-edge technology. Many governments share this interest and are attempting to support their local semiconductor markets. But new fabs and extensive R&D programs—essential for producing leading-edge technologies at high volumes—require billions in investment. A misstep in these areas, lax cost control, or...
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