Thursday, 8 April 2021 Reading time : 3 minutes

Semiconductors are elementary components of many promising technologies such as robotics, autonomous vehicles, artificial intelligence, electromobility and in all mobile devices.

US-led dominance
Nvidia is one of the leaders in this business - its stock has gained over 100% since April 2020. With the announced purchase of the British chip designer ARM, Nvidia wants to further increase its market power. For AMD, the analysts' average price target is USD 101, which is just under USD 20 above the current price. The analysts' confidence is probably based not only on the strong share performance, but also on the convincing product pipeline. Intel has also performed positively in the last 12 months.

Local players with potential
The vacuum valve manufacturer VAT (thus a supplier for semiconductor manufacturers) was able to convince with a performance of over 96% in the last 12 months and holds half of the global market share with its products (ZKB Equity Research: "overweight"). The analysts also agree on the semiconductor and software manufacturer AMS; the target price is almost 35% above the current one (ZKB Equity Research: "overweight").

Barrier Reverse Convertible on AMD, Nvidia, and Intel (USD/CHF)

• Guaranteed coupon of 11.00%*/10.50%* (USD/CHF)
• Defensive barrier at 63.00%*
• 12 month duration
• Subscription period until 19.04.2021
• Termsheet USD
• Termsheet CHF

Barrier Reverse Convertible on AMS and VAT (CHF)

• Guaranteed coupon of 13.50%*
• Defensive barrier at 65.00%*
• 12 month duration
• Subscription period until 14.04.2021
• Termsheet

*indicative

Disclaimer
This communication is for marketing purposes. It is neither an offer nor an invitation to submit an offer, to purchase or to subscribe to securities and does not constitute investment advice. You should consult your advisors before making an investment decision.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, financial condition, development or performance of the issuer to be materially different from any future results, financial condition, development or performance expressed or implied by such statements.
The present document has not been drawn up by the research department as defined in the rules of the “Directives on the Independence of Financial Research” published by the Swiss Bankers Association, hence these rules do not apply to this document.
If securities are mentioned in the communication, the base prospectus, the final terms and any key information document may be obtained free of charge from Zürcher Kantonalbank, Bahnhofstrasse 9, 8001 Zurich, VRIS, and from www.zkb.ch/finanzinformationen.