As the global semiconductor sector faces near-term challenges, SEMI, in partnership with TechInsights, predicts a rebound in 2024. Q3 2023 shows encouraging signs with a 10% growth in electronics sales and a double-digit surge in memory IC sales. However, headwinds persist in the second half of 2023 due to high inventory drawdowns, affecting fab utilization rates and capital equipment billings. The industry is projected to reach a turning point in early 2024, heralding a path to recovery and growth in 2024.