Over the past decade, semiconductors (semis) have outgrown electronics on rising content and semiconductor growth has outpaced GDP by 2-3x. Looking ahead, Vivek expects semis to continue to outgrow GDP on rising content and pricing. And yet, semis are still cyclical, something which the market is focused on presently, and exposed to inventory cycles and demand destruction from economic downturns. Vivek Arya joins to explain why semis are less hyper cyclical than in the past, what a recession could mean for earnings estimates, where surpluses are present and when shortages in other areas should lessen. And just because markets have fallen, doesn't mean the compelling reshoring story is over - that's another long term positive. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.

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