Issue link: https://iconnect007.uberflip.com/i/1532052
46 SMT007 MAGAZINE I FEBRUARY 2025 Merger and Acquisition activity So, painful as it was, this doesn't change the Super-Cycle at all. Lubin: At the summit, we'll discuss the dif- ferent dynamics and their meaning. Various aspects were impacted. You had regulatory changes that shied the supply chain during the same period. Loss of semiconductor capac- ity caused fluctuations in the supply chain, and then you had the compli- cations that came with the pandemic: No loss in demand. It was a per- fect storm where no one got what they wanted. We will talk about what occurred, where we saw fluctuations in ordering patterns, and how they led to different results that ultimately get fed through M&A. We will also talk about how we move forward. With a new U.S. administration, what do you anticipate happening regarding tariffs, and how does that affect the Super-Cycle? Lubin: e supply chain has already shied, especially regarding tariffs. Capacity has moved out of China, leading to the current expansion of Southeast Asia. Can that shi be furthered with additional tariffs? Absolutely. You'll see continued and accelerated growth in the usage of that capacity, but it shied because of what occurred in the first Trump administration and where we're now going. We could see further changes in where things are made and how that impacts pricing. Ultimately, it is how compa- nies think about their overall value proposition in servicing customers the right way. Calderon: Just like Chaim's reference to Super- Cycle 1.0, there will be aberrations. We aren't political, economic, or global trade experts, but one thing is for sure: ere will always be demand, and people will want industry advancement. It seems this demand will continue unabated. What healthier, better industry driver could you ask for than deeply rooted demand? What can we expect and how do we leverage it? Calderon: In our presen- tation, we will look at it from an M&A transac- tion point of view. We believe that longer-term scale matters. What should private entrepre- neurs be thinking about? At its core, EMS is a service industry, not a product industry. We're providing manufactur- ing services. I oen analogize it to other service Chaim Lubin Jack Calderon