We had the pleasure of speaking with Jon Bathgate, an investor at NZS Capital, about the semiconductor industry.
In the wide-ranging conversation, Jon discusses the competitive landscape in semiconductors — major players, business models, value chains, profit pools — as well as the U.S. versus China debate, the Taiwan factor, and much more.
Companies mentioned include ASML Holding (US: ASML), Cadence Design Systems (US: CDNS), Lam Research (US: LRCX), Microchip Technology (US: MCHP), NVIDIA (US: NVDA), Synopsys (US: SNPS), Taiwan Semiconductor Manufacturing (US: TSM), Texas Instruments (US: TXN), and others.
Jon and his colleagues have done extensive work on semiconductors and have been active investors in the sector for quite some time. In 2020, they published a thought-provoking white paper, How a handful of chip companies came to control the fate of the world, and released an accompanying podcast episode.
The full session is available exclusively to members of MOI Global.
Members, log in below to access the full session.
Not a member?
Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
Jon Bathgate is an investor at NZS Capital, LLC. Jon was most recently a research analyst and co-head of the technology sector team at Janus Henderson in Denver. Jon began his investing career at Janus Henderson in 2008, and has a Bachelor of Arts in Mathematics from Boston College. Jon is a CFA® Charterholder.
The NZS Capital team believes that the economy and the stock market are best understood as biological systems: specifically, complex adaptive systems. Complex systems have unpredictable outcomes; therefore, NZS focuses on companies that are adaptable, long-term focused, innovative, possess long-duration growth, and maximize non-zero-sum outcomes. For more, read the NZS whitepaper, Complexity Investing, published in 2014.
Would you like to follow up on this conversation?
Connect on Twitter and LinkedIn.
The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
About The Author: MOI Global Editorial Team
The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people.
Who is MOI Global? In recent years, The Manual of Ideas has expanded to become more than simply “the very best investing newsletter on the planet” (Mohnish Pabrai). We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more.
Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek.
More posts by MOI Global Editorial Team