The semiconductor industry had a robust 2024, with expected double-digit (19%) growth, and sales of US$627 billion for the year.1 But that’s even better than the earlier forecast of US$611 billion.2 And 2025 could be even better, with predicted sales of US$697 billion,3 reaching a new all-time high, and well on track to reach the widely accepted aspirational goal of US$1 trillion in chip sales by 2030. This suggests the industry only needs to grow at a compound annual growth rate of 7.5% between 2025 and 2030 (figure 1).4 Assuming the industry continues to grow at that rate, it could reach US$2 trillion in 2040.