Bloomberg Surveillance · Tuesday, August 4, 2026
Angelo Zeno suggested that the semiconductor ecosystem may be in a price discovery phase following a recent 'clearing event' related to a situation in Taiwan Semiconductor Manufacturing Company. He noted that growth rates peaked in Q2 and are expected to decelerate, requiring the market to find appropriate multiples.
“Yeah, I mean, I think there was a lot of momentum that's really kind of been built within the entire semi ecosystem, and to an extent, you needed to see some sort of kind of wash out, which you know that probably attributed to here over the last couple of weeks.”
“I think you're still in this kind of price discovery phase as far as the semi ecosystem is concerned. We've kind of essentially kind of hit peak growth rates back in Q two, so you're going to see growth for its start to decelerate for the semi ecosystem over the next couple of quarters and years. The market needs to digest that and find kind of a proper multiple.”
“But yeah, I mean, I think there's some extent a clearing event that took place over the last couple of days, weeks, call it.”