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        Why We’re Going Positive on Semiconductor Manufacturers in Emerging Markets

        • Semiconductor manufacturers continue to be undervalued, even as earnings fundamentals improved in the third quarter
        • In the shorter term, semiconductors stand to benefit from rising consumer demand for devices, which is likely to be further fueled by the arrival of 5G technology.
        • Over the longer term, demand for artificial intelligenceenabled applications will likely create a strong tailwind for the industry.
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