We believe the semiconductor industry has entered a more stable and less cyclical growth phase characterized by low- to mid-single-digit annual revenue growth and high-single-digit unit growth

With the industry generally driving high-single-digit Y/Y unit growth, the entire value chain is able to better predict silicon consumption requirements, better respond to perturbations in supply/demand, and more efficiently plan manufacturing output

As a result, volatility in semiconductor supply/demand and semiconductor equipment spending has muted significantly

Compare this to 15-20 years ago, when unit growth rates were +15% Y/Y – small perturbations in supply/demand would drive significant swings in inventory, shipments, capacity planning, and equipment spending