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𝗦𝗘𝗠𝗜𝗖𝗢𝗡𝗗𝗨𝗖𝗧𝗢𝗥𝗦 𝗔𝗥𝗘 𝗡𝗢𝗧 𝗢𝗡𝗟𝗬 𝗔𝗕𝗢𝗨𝗧 𝗔𝗜: 𝗧𝗛𝗘 𝗕𝗘𝗔𝗧𝗜𝗡𝗚 𝗛𝗘𝗔𝗥𝗧 𝗢𝗙 𝗠𝗢𝗗𝗘𝗥𝗡 𝗧𝗘𝗖𝗛𝗡𝗢𝗟𝗢𝗚𝗬 Dear Copiers and Investors, I would like to share an update on a key sector of our portfolio: 𝘀𝗲𝗺𝗶𝗰𝗼𝗻𝗱𝘂𝗰𝘁𝗼𝗿𝘀! In recent years, the focus on artificial intelligence (AI) has led many to view semiconductor companies as being solely linked to this technology. However, it's crucial to understand that the role of semiconductors extends far beyond AI, and these companies are the true backbone of many other industries that directly influence our daily lives. In this post, I will illustrate how semiconductors play a fundamental role across a broad range of sectors, shaping our present and future. 📌 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗘𝗹𝗲𝗰𝘁𝗿𝗼𝗻𝗶𝗰𝘀: 𝗢𝘂𝗿 𝗗𝗮𝗶𝗹𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗼𝗻𝘀 Every day we interact with electronic devices that make our lives simpler and more connected. Smartphones, tablets, laptops, televisions, and gaming consoles are just a few examples of products dependent on semiconductors. These components are the "brain" behind most advanced features we take for granted, such as computing power, wireless connectivity, and visual quality. 📌 𝗦𝗺𝗮𝗿𝘁 𝗔𝗽𝗽𝗹𝗶𝗮𝗻𝗰𝗲𝘀: 𝗧𝗵𝗲 𝗛𝗼𝗺𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 The home appliance sector is another area where semiconductors play a crucial role. The rise of smart home technology and connected devices has transformed the concept of "smart living." From refrigerators that automatically monitor food supplies to thermostats that adjust temperature based on our habits, to security systems that constantly monitor the home environment, semiconductors are everywhere. 📌 𝗔𝘂𝘁𝗼𝗺𝗼𝘁𝗶𝘃𝗲: 𝗦𝗮𝗳𝗲 𝗮𝗻𝗱 𝗖𝗼𝗻𝗻𝗲𝗰𝘁𝗲𝗱 𝗗𝗿𝗶𝘃𝗶𝗻𝗴 The automotive sector is undergoing a major transformation with increasing integration of technology into vehicles. Semiconductors are essential for the development of advanced driver-assistance systems (ADAS), electric vehicles (EVs), and, in the future, autonomous vehicles. Chips designed for automotive applications must be extremely reliable and durable, capable of operating under harsh environmental conditions. 📌 𝗘𝗺𝗯𝗲𝗱𝗱𝗲𝗱 𝗦𝘆𝘀𝘁𝗲𝗺𝘀: 𝗛𝗶𝗱𝗱𝗲𝗻 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲 𝗘𝘃𝗲𝗿𝘆𝘄𝗵𝗲𝗿𝗲 Embedded systems represent one of the most widespread applications of semiconductors, though they are often less visible. These systems are integrated within larger devices to perform specific functions. We find them in appliances, medical devices, industrial systems, and even toys. Semiconductors used in these systems must be highly efficient and optimised for low energy consumption while ensuring reliable performance. 📌 𝗧𝗵𝗲𝗿𝗺𝗮𝗹 𝗖𝗼𝗻𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆: 𝗠𝗮𝗻𝗮𝗴𝗶𝗻𝗴 𝗛𝗲𝗮𝘁 𝗶𝗻 𝗗𝗲𝘃𝗶𝗰𝗲𝘀 A lesser-known aspect of semiconductors is their role in thermal management of electronic devices. Semiconductors need to effectively dissipate the heat generated during operation to prevent overheating and ensure longevity. Advanced semiconductor materials like silicon carbide (SiC) and gallium nitride (GaN) are used to improve thermal conductivity and energy efficiency of chips. 📌 𝗗𝗶𝘀𝗽𝗹𝗮𝘆 𝗮𝗻𝗱 𝗟𝗘𝗗 𝗟𝗶𝗴𝗵𝘁𝗶𝗻𝗴: 𝗔 𝗡𝗲𝘄 𝗟𝗶𝗴𝗵𝘁 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 Semiconductors are also crucial in the display and lighting sector. Light Emitting Diodes (LEDs) and Organic Light Emitting Diodes (OLEDs) are technologies that use semiconductors to emit light efficiently and in a wide range of colours. OLED displays, for instance, are now standard in high-end mobile devices and televisions, offering more vivid images and reduced energy consumption. 📌 𝗥𝗲𝗻𝗲𝘄𝗮𝗯𝗹𝗲 𝗘𝗻𝗲𝗿𝗴𝘆: 𝗣𝗼𝘄𝗲𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 Finally, semiconductors play a crucial role in the renewable energy sector, particularly in solar cells. Photovoltaic solar cells use semiconductors to convert sunlight into electricity. Silicon-based semiconductors have traditionally been the primary material used in these cells, but new technologies are emerging, such as perovskite solar cells, which offer greater efficiency at reduced costs. ▶️ 𝗠𝘆 𝗧𝗵𝗼𝘂𝗴𝗵𝘁𝘀 𝗮𝗻𝗱 𝗛𝗼𝘄 𝗔𝗿𝗲 𝗪𝗲 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗲𝗱 Investing in companies within this sector means betting on a future where technology is increasingly integrated into our daily lives, enhancing comfort, safety, and sustainability. Continuing to closely monitor this sector will allow us to seize growth opportunities in emerging areas and solidify our position in a long-term oriented portfolio. Semiconductor companies will remain central in driving technological innovation, and I am confident that our exposure to this sector will be a key element for future portfolio success. Thank you for your continued trust, and I am available for any questions or clarifications. Let’s keep investing in the future, together. Best regards, Valerio $QCOM (Qualcomm Inc) $NVDA (NVIDIA Corporation) $TXN (Texas Instruments Inc) $STM.US (STMicroelectronics NV) $AMD (Advanced Micro Devices Inc)

5 Mentioned

QCOM

Qualcomm Inc

NVDA

NVIDIA Corporation

TXN

Texas Instruments Inc

STM.US

STMicroelectronics NV

AMD

Advanced Micro Devices Inc