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.
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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.
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