Semiconductors are at the heart of a new and evolving ‘technology cold war’ as the US and China vie for technological supremacy in the sector.

What’s in the paper?

We examine the key drivers that are creating compelling investment opportunities in this structural growth area.


We begin by looking at the events that have led us to the present-day scenario, where the US is battling to hang onto its leadership in the semiconductor sector, with China trying to play rapid catch-up.

  • We illustrate the importance of semiconductors to the global economy, as integral components in a raft of products deemed essential in our modern world: from mobile smartphones, to LED lighting, to electric and autonomous vehicles.
  • Using our investment themes of state intervention, China influence, net effects and smart revolution as a framework, we look at the rapid technological advancements in the sector that make it such an exciting growth story.
  • We explore the geopolitical implications of this superpower semiconductor rivalry, and the role of Taiwan within it.
  • We look at the impact of the global pandemic upon the sector.

Your capital may be at risk. The value of investments and the income from them can fall as well as rise and investors may not get back the original amount invested.