Why semicap remains one of the most attractive areas within semis illustrated in one slide - the innovation pipeline looks very strong. To drive this is in manufacturing, we need more litho, etch and deposition tools. And more and better interconnect to build larger chips. All of these happen to be consolidated industries with a lot of pricing power. Names to play: $ASML, $LRCX, $AMAT, $ASM.NL, $KLAC, $BESI.NL, and good old Tokyo Electron.