Fragmented customer landscape is good for semicaps. Two years ago, TSMC dependency emerged as a concern for suppliers (Intel/memory weakness). But things took a different turn with fragmented leading-edge foundry landscape (five leading-edge players outside China now) and growing influence of memory and packaging houses. A larger customer base means better profit margins, as no single customer has outsized bargaining power.
Source: Sravan Kundojjala
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