WHYSTON
Public-sector strategy example

Member State K: Semiconductor Strategy

A 33-slide board deck setting a national €3bn semiconductor investment portfolio for a public investment agency.

Prepared for
Board of the national investment agency
Length
33 slides
Made with
Whyston, exported to PowerPoint
Slide 19: No option wins every criterion; complementary roles support a portfolio
Slide 19No option wins every criterion; complementary roles support a portfolio
Slide 2: Executive summary
Slide 2Executive summary
Slide 10: EU support complements national funding; it does not guarantee matching
Slide 10EU support complements national funding; it does not guarantee matching
Slide 26: Separate 2026-27 preparation from the 2027-2032 funding envelope
Slide 26Separate 2026-27 preparation from the 2027-2032 funding envelope
Slide 28: Approve a €3bn mandate while reserving project commitment authority
Slide 28Approve a €3bn mandate while reserving project commitment authority

The brief, and what to look at

The brief

A national investment agency’s board asked where a €3bn mandate should go in semiconductors, using EU, US and trade data, and what to approve first.

What to look at

  • An option matrix compares leading-edge, specialty, packaging, suppliers and design on the same criteria.
  • EU Chips Act and US CHIPS Act figures are compared without treating them as like for like.
  • The board resolutions are written out, with gates before any project commitment.

The executive summary

Written in SCQA order: the situation, what complicates it, the answer, then the pillars the rest of the deck proves.

Situation

Global chip sales reached $795.6bn in 2025; growth remains segment-specific.

K's industrial base offers potential customers within a €3bn national mandate.

Complication

EU IC imports exceeded exports by €10.9bn in 2025; broad self-sufficiency remains unaffordable

Answer

Adopt a gated €3bn specialty, packaging, design and supplier portfolio; exclude leading-edge for now

Supporting pillars
  1. Global scale makes disciplined specialisation preferable to a headline-driven fab race
  2. European equipment and customer strengths support targeted national entry
  3. Dependencies favour a partner-led portfolio over an unsupported leading-edge commitment
  4. A €3bn portfolio can connect production, packaging, talent and suppliers
  5. Gated execution protects €3bn while testing jobs and private-investment targets

The storyline, title by title

Every slide title in the deck, in order. Each one is a full-sentence claim, so the titles alone tell the story.

  1. Global Investment Discipline

    A growing global market does not make every segment equally accessible. K needs an ambition grounded in customers, capabilities and financeable projects.

    1. Choose specialisation, not an unfinanced leading-edge ambition
    2. Global sales reached $795.6bn; $1.5tn is forecast
    3. US investment announcements reach $770bn across the ecosystem
    4. EU's 11.7% revenue forecast does not establish 20% production

  2. European Capability Fit

    Europe's strongest positions are selective, not universal. Funding instruments can support national entry, but neither regional leadership nor EU matching should be assumed.

    1. EU support complements national funding; it does not guarantee matching
    2. European strengths span equipment, specialty products and industrial customers
    3. Europe's 66% specialist mix favours automotive and industrial entry
    4. Automotive demand is forecast to reach €17.4bn
    5. Equipment strengths coexist with only 1.4% in testing

  3. Dependencies and Options

    Trade exposure identifies security needs, not an obligation to manufacture every imported chip. Compare the options consistently and select partners who bring technology, customers and binding capital.

    1. EU integrated-circuit trade retains a €10.9bn deficit
    2. Taiwan and Malaysia supply 41.1% of IC imports
    3. Leading-edge combines high capital burden with a weaker European starting position
    4. No option wins every criterion; complementary roles support a portfolio
    5. Specialty partners must bring technology, customers and capital

  4. Portfolio and Ecosystem

    National allocations are ceilings, while private investment and employment remain targets to validate. Shared infrastructure must connect the portfolio to qualified demand rather than become an isolated asset.

    1. Allocate 70% to specialty fabrication and back-end capabilities
    2. The €7bn private target is not committed financing
    3. An integrated ecosystem must turn talent and customer demand into qualified products

  5. Delivery and Decisions

    Separate preparation from programme funding and commitments from outcomes. The board should approve conditional authority, enforceable controls and auditable milestones.

    1. Separate 2026-27 preparation from the 2027-2032 funding envelope
    2. Protect €3bn through enforceable funding and operating-risk controls
    3. Approve a €3bn mandate while reserving project commitment authority
    4. Authorise a gated €3bn portfolio and reserve project commitments for validated investment cases

The company at the centre of this deck is fictional, and figures marked illustrative in the deck are made up for the example. Public figures come from the sources listed on the deck’s Figures & Assumptions pages, which Whyston adds to every deck.

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