The Semiconductor industry is a vital contributor to the global economy, producing the microchips and other electronic components that are used in a wide range of products from computers and smartphones to cars and industrial equipment. The industry is based on the foundry model, which consists of semiconductor fabrication plants (foundries) and integrated circuit design operations, each belonging to separate companies or subsidiaries. Some companies, known as integrated device manufacturers, both design and manufacture semiconductors.

Semiconductors are essential to the functioning of modern electronics and have driven advances in a wide range of industries, including communications, computing, health care, military systems, transportation, and clean energy. They are the brains of modern electronics and enable technologies critical to economic growth, national security, and global competitiveness. Without semiconductors, many computing materials such as integrated circuits, transistors, and solar cells simply would not exist. The Semiconductor industry plays a crucial role in the global economy and is an important contributor to the advancement of technology.