The global semiconductor industry is in a period of upheaval. In the short term supplies are out of balance with demand on a sector-by-sector basis, raising the potential for higher prices. Emergent water shortages in Taiwan may cause power supply restrictions for fabrication plants there, putting extra pressure on supply. Taiwanese semiconductor exports jumped 34.9% year over year in April. The normal dip in exports in April versus March, which average 11.9% in the past five years, has not occurred, indicating the tensions inherent in the sector. Looking further ahead, the U.S. and E...