The COVID-19 pandemic led to an unprecedented increase in the demand for semiconductor products, resulting in global supply chain disruptions. Despite hefty support from the government, only 12% of semiconductors are manufactured in the United States, and it is estimated that the number will go down to less than 10% by 2030 if investments in this sector are not initiated.
Moreover, due to the worsening economic outlook, the semiconductor industry is expected to register a 7.4% slump in global revenue this year compared to a 26.3% growth in 2021. A decline in consumer spending because of rising inflation and interest rate hikes have severely impacted the purchasing pattern for products like PCs and smartphones.
