Greg Scolaro, CFA, CPA
Global Equity Team
So we recently had the opportunity to visit southern Austria for a one-on-one tour of one of the newest, most cutting-edge semiconductor fabs in all of Europe. This was a unique and relatively rare opportunity, and we came away with two high-level takeaways. The first is making semiconductors is even more complex than we appreciated, and our view of the competitive strength for manufacturers was definitely enhanced by this experience. The second takeaway is the investable universe of semiconductor equipment suppliers is even deeper and more durable than we previously assumed. Switching costs are extremely high, and we can be reasonably confident in the durability of their competitive positioning over a long period of time.
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