Taking stock at the start of tech year 2025

For the Dutch high-tech, which depends largely on the semiconductor industry, 2025 could go either way. It just might be all hands on deck at the next New Year’s Eve, but given the atypical recovery pattern so far and the many macroeconomic and geopolitical uncertainties, you shouldn’t bet large sums of money on it. At the European level, the main concerns are European competitiveness and innovation power.

Chips

AI chip sales are still red hot, but in most other market segments, the recovery is wanting. After aggressive manufacturing capacity expansions during and after the COVID epidemic, fabs are still underutilized. Chip buyers are sitting on ample inventories. With inflation still untamed and modest global economic growth projections at best, the question is whether the semiconductor industry will be able to grow into its – currently oversized – jacket this year.