The Fabless industry is structurally concentrated but still strategically fragmented. This talk explains where value, power, and bottlenecks really sit across the semiconductor chain, and how today’s valuation environment is reshaping M&A versus organic growth. Using recent “wins” and costly misses, it shows when deals actually create advantage and when they just burn capital. Finally, it outlines a practical M&A playbook for Middle East investors and corporates seeking to build credible semiconductor positions without overpaying for hype.