Unless any of these semi companies have changed strategies in the last year, their types of business are:
Pure Play Foundries
- Global Foundries (spun out of Intel)
- Taiwan Semi (they own over 50% of the market)
- UMC (a Chinese company)
Fabless semi companies
- NVDA
- Qualcom
- AMD
Integrated Device Manufacturers (IDMs)
- Intel
- Texas Instruments
- Samsung
- about 20+ others by many definitions including IBM, ADI, Broadcom, Micron, ON, Sony, Toshiba, Mitsubishi, etc.
The fabless companies keep CapEx lower, but could be vulnerable by depending on other companies to produce their products.
The pure plays are more commodity oriented and might not have as much of a barrier to entry for competitors. But the “pure plays” are mostly just TSMC. IMO, China threatening to invade is their biggest concern.
I like how the equipment manufacturers are positioned as the CapEx for new production facilities is still ramping up. I’d guess that they trade up whenever China gets hostile. I’ve liked Applied Materials for a long time, but their competitors have probably done better over the last couple of decades. ASML is a special case. Pretty much a monopoly with their high end equipment.
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