How long will chip shortage last?
• Chip shortage shows no signs of abating as demand remains strong
• Higher chip prices and longer waiting times while chip makers ramp up production and boost capacity
• Chip supply situation can improve in 1H22 and is likely to be resolved by 2023
• Semiconductor plays – AEM, ASM Pacific, Frencken, Inari and UMS – are clear beneficiaries; while mid-to-downstream players’ fortunes could be mixed