What makes Tower Semiconductor (Nasdaq: TSEM; TASE: TSEM) run? The share, which fell 22% in the first half of November, has risen 38% to $1.60 since November 22. Semico Research, which focuses on the semiconductor industry, said that its recent study had shown that revenue of semiconductor foundries would rise 29% next year. Demand for wafers will rise 23% in 2006, and, for the first time in years, the per-unit price will also go up. There is, of course, no connection between this study and what will happen to Tower, except that the business climate will become easier. All the rest depends on Tower’s management, and that, in my opinion, is the reason why the share has begun rising again. The company yesterday obtained approval from the National Quality Association in the UK, an extremely prestigious institution. This constitutes recognition of Tower’s quality and performance, and enables the company to meet the terms posed by various industries. The requirements for this approval are the toughest in the industry.
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