In the shadows of the AI revolution and Nvidia's meteoric rise, the Semiconductor Workhorses are still stuck in the downcycle that has lasted 8 quarters. What looked like a turning point was shot down by the Q4 guidance that will mark a new low point. These companies use the hybrid manufacturing model, operating their fabs for analog, power and other specialised manufacturing while getting their leading-edge controller products done by foundries. The hybrids are the backbone of the industry and are vital for everything that keeps us occupied, warm, fed and safe. You would miss these companies a lot more than Nvidia if they disappeared. If the business of the hybrids is important to you, read my Q3-24 update that dives into the hybrids market and current situation here: