Introduction

Tower Semiconductor Ltd. (TSEM), a constituent in our Pure-Play Semiconductor Foundries Portfolio, surged sharply week ending July 18th, fueled by a mix of strategic execution, technical strength, and investor enthusiasm outpacing the performance of its 3 peers - Taiwan Semiconductor Manufacturing Company Limited (TSM), United Microelectronics (UMC) and GlobalFoundries (GFS). 

Below are a number of catalysts that contributed to the rally:

1. Institutional Buying:  A number of investment firms disclosed new or expanded positions in TSEM during the week.
2. Technical Breakout: The stock broke above its 200-day moving average, triggering momentum buying and landing on bullish watchlists.
3. Sector Tailwinds: Tower is benefiting from the easing of U.S.-China trade tensions and rising demand for RF infrastructure and AI optical networks.

Our Pure-Play Semiconductor Foundries Portfolio Performance

Below is how TSEM's stock performed week-ending July 18th, in descending order, and MTD, and how its peers in our Portfolio performed:

1. Tower Semiconductor (TSEM): up 7.2% w/e July 18th; up 11.8% MTD
2. Taiwan Semiconductor: (TSM): up 4.3% w/e July 18th; up 5.2% MTD
3. United Microelectronics (UMC): No Change w/e July 18th; down 2.6% MTD
4. GlobalFoundries (GFS): down 2.2% w/e July 18th; up 5.0% MTD

Summary 

On average, our Pure-Play Semiconductor Foundries Portfolio was down 1.7% w/e July 18th but remains up 5.9% MTD and is now up 12.9% YTD.

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