2H2025 shows continued growth momentum, but AltaScient’s risk assessments reveal an uneven outlook for the semiconductor sector Q126. Shifting signals span product segments, application markets, and supply chains, shaped by tariffs, export controls, and evolving compliance requirements. Key risks include tariffs and export controls, policy uncertainty, AI chip supply pressures, memory supply tightness, and more. Market concentration, cyclical demand in mature segments, and cautious capital investment further compound sector uncertainty.