📊Executive Summary

The semiconductor supply chain is expected to experience normalization by early 2025, driven by factors such as the termination of "Take or Pay" contracts and improved supply visibility. However, challenges remain, including ongoing chip capacity constraints and delays in fab construction, particularly in the U.S. TSMC's $40 billion facility in Arizona has faced delays, with operational timelines pushed to 2028. Companies like Micron and NVIDIA are securing supply through significant prepayments to mitigate future disruptions. Buyers should prepare for a more balanced supply environment while remaining cautious about potential constraints in specific node sizes....