Patents in the semiconductor space are valuable, marketable assets that can generate hundreds of millions of dollars in revenue, and also give rise to hundreds of millions of dollars of risk. They implicate every aspect of product design and manufacture, from circuit design to wafer fab to assembly and test. Threats and opportunities arise from both industry and academia. Patent litigation in the semiconductor space has generated some of the largest patent infringement jury verdicts in the last 20 years. It is imperative for executives to understand the risks and opportunities, and develop and manage a strategy accordingly.