Q4 2025 shows continued growth momentum, but AltaScient’s risk assessments reveal an uneven outlook for the semiconductor sector. Shifting signals span product segments, application markets, and supply chains, shaped by tariffs, export controls, and evolving compliance requirements. Key risks include semiconductor tariffs, export controls on critical minerals, AI chip supply pressures, and rising competition in areas such as SiC chips. Market concentration, cyclical demand in mature segments, and cautious capital investment further compound sector uncertainty.