Future Horizons: 90% of chip growth comes from prices, not demand

Future Horizons CEO Malcolm Penn told IFS2026 that 90% of semiconductor dollar growth is driven by ASPs rather than demand. August sales broke the $1 trillion barrier, average selling price hit $4.13, and year-on-year growth has now run for 36 straight months.

• August semiconductor sales broke the $1 trillion barrier for the first time
• Average selling price rose to $4.13, 30% above the previous peak
• Year-on-year growth has lasted 36 months, a record for the industry
• Excluding AI datacentres, growth is only mid-single digit