As we move farther from supply disfunction and reprice risk in tech, it is important not to lose sight of the normal, cyclical nature of the semiconductor market. We are past peak growth rates and distill our top insights on navigating downturns. Preparingfora downturn: A cyclical downturn in the technology sector may be under way as the stronger for longer narrative meets the risk of over shipping in the near term. Downturns can be complicated, misunderstood,and a cause for concern. Thus, we help prepare for investing by addressing key questions: 1) triggers of down-cycles;2) where we are now and signposts to watch;3) impact on earnings, share performance,and duration;and 4) positioning for a downturn