The core story centers on the supply bottleneck for a world moving to billions of inexpensive, distributed chips embedded in everyday objects, not just high-end processors.

McKinsey estimates IoT could deliver up to $12.5 trillion in global value by 2030, highlighting the enormous upside.

Rather than simply building more chip factories, the discussion centers on scale and resilience in the supply chain.

The COVID-19 pandemic exposed the fragility of these chip supplies, triggering manufacturing disruptions and wide economic ripple effects.

The push for digital transformation envisions a hyper-connected world where billions of everyday objects gain intelligence, though delivering that vision remains challenging.

Legacy chips on 28nm-era nodes remain crucial across consumer, industrial, and automotive markets.