As World Health Day returns on 7 April, this year’s theme, “Together for health. Stand with science”, gives the occasion broader weight than a standard awareness campaign. WHO celebrates scientific collaboration and the One Health approach, linking the health of people, animals, plants and the planet.

A few months ago, we wrote an article discussing the state of the semiconductor cycle. In that piece, we argued that the cycle had been driven almost entirely by AI, while outside of AI the broader cyclical recovery remained anaemic. Looking across the different parts of the industry, we believed the recovery would continue, supported by ongoing AI build-out as well as improving conditions in more mainstream segments such as smartphones, personal computers, industrial equipment and automotive applications. We also argued that the semiconductor equipment space was set to participate in that cyclical recovery.

A new supply shock has arrived. Here’s what it means for markets.