What is the purpose of the J.P. Morgan/GSA Index of Leading Indicators?
The monthly J.P. Morgan/GSA Index of Leading Indicators is meant to provide semiconductor CEOs and CFOs with a timely view of the health of the overall semiconductor industry.
The Index is based on a brief survey completed by semiconductor CEOs and CFOs to indicate their personal view of trends in the semiconductor market. Each month, semiconductor industry CEOs and CFOs will be asked to confidentially provide their opinions as to whether ten separate indicators are increasing, decreasing, or staying the same. This input will then be aggregated, made anonymous, and used to calculate an index.
How is the Index calculated?
The aggregate index will be normalized based on historical data, with the mean calibrated to 2.5 and the boundaries calibrated to 0 and 5. A reading above/below 2.5 suggests that overall the indicators are trending higher/lower than historical results. Indices for individual questions will also be included using the same methodology. Furthermore, additional charts will be included to provide a comparative view of current economic conditions.
Why is the J.P. Morgan/GSA Index of Leading Indicators important?
The J.P. Morgan/GSA Index of Leading Indicators helps leaders within the global semiconductor industry gain an early read on changes in the health of the global semiconductor industry.
Who is invited to participate in the survey?
All CEOs and CFOs in the semiconductor industry from the following company types are invited to participate:
- Fabless semiconductor companies
- Integrated Device Manufacturers (IDM)
- Assembly, Packaging & Test
- EDA/Design
- Foundry
- IP
What methodology is in place to ensure my data is completely confidential?
J.P. Morgan and GSA understand the confidential nature of the data submitted to the J.P. Morgan/GSA Index of Leading Indicators each month. Therefore, great lengths are taken with each survey to ensure all survey correspondence is confidential and collected by a Web interface application hosted by GSA. Neither J.P. Morgan investment bankers nor GSA has access to any raw data that associates a survey respondent’s company name with their survey responses. All results will be reported in aggregate and both company names and participating CEO and CFO names will be held in the strictest of confidence.
How long will it take to complete the survey?
It takes under two minutes to complete the survey.
How many questions are in the survey?
Participants are asked to respond to the same question for ten leading indicators.
What are the questions, indicators, and answer choices?
The question is:
- “How have quarterly trends changed over the last 30 days for the following ten indicators?”
The ten indicators are:
- Bookings
- Billings
- Book:Bill Ratio
- Lead-times
- Company Inventory
- Channel Inventory (including customers)
- Open Requisitions
- Health of Demand
- Health of Economy
- Health of Semiconductor Industry
The answer choices are:
- Increased
- Decreased
- Stayed the same
- Not applicable
What is the approximate schedule for the survey each month?
The survey will typically open in the last 10 days of every month and the report will be released the first Thursday of every month.
Can I assign someone else within my company to complete the survey?
Strong preference is that the survey be completed by either the CEO or CFO, however a proxy can be assigned if neither will be able to complete the survey. To assign a proxy from the CEO’s executive staff, please contact GSA at resources@gsaglobal.org.
Who can I contact if I have technical difficulties completing the survey?
You may contact GSA at resources@gsaglobal.org for any technical questions you may have regarding the survey. If you have trouble logging in, please contact loginhelp@gsaglobal.org.
Who can I contact if I have content-related questions regarding the survey?
For content-related questions, please contact the GSA Research team at resources@gsaglobal.org.
How will the results be delivered each month?
Each participant will receive an email with a PDF attachment summarizing the aggregated results in the form of an index, which will oscillate around 2.5. A reading above/below 2.5 suggests that overall, the indicators are trending higher/lower than historical results.
Who will have access to the results?
Only those participating in the survey will receive access to the results for that month.
What if I miss the deadline?
Due to the timely nature of the survey, we must have a strict deadline each month so results can be aggregated and reported quickly. However, you will have the opportunity to participate the following month and will receive a notification when the next survey opens.
If I participate in the survey, what information will you collect about me?
J.P. Morgan and GSA will not collect any private information on any individual or company beyond what participants provide to J.P. Morgan and GSA. GSA maintains a database of global semiconductor and semiconductor supply chain companies which contains public information.
With whom will you share this information?
Except as required by law, neither J.P. Morgan nor GSA will share individual response data with any unaffiliated third party. This information will be held in strict confidence and maintained in accordance with each respective party’s privacy policy. Aggregated results will be distributed to participating CEOs and CFOs via email as a PDF attachment.
How will this information be used?
The information collected through the survey will be aggregated, made anonymous, and used to calculate an index. The index will provide participating CEOs and CFOs with valuable insight into the overall health of the semiconductor industry.
How do I unsubscribe?
Please click on the unsubscribe link in the survey invitation emails or notify GSA at resources@gsaglobal.org to unsubscribe.
Who can I contact if I have questions or concerns about the survey?
For all questions and concerns, you may contact the following:
- GSA
Jessica Mueller, VP, Research
jmueller@gsaglobal.org | 972-866-7579 ext. 127 - J.P. Morgan
Pankaj Goel, Managing Director, Head of Semiconductor Investment Banking
pankaj.1.goel@jpmorgan.com | 415-315-7540
About J.P. Morgan www.jpmorgan.com
J.P. Morgan is a leader in wholesale financial services, offering intelligent solutions across one of the most comprehensive global product platforms available. We keep client objectives foremost in our minds, fostering long-term relationships. This combination of product strength, intellectual capital and character sets us apart as an industry leader.
About GSA www.gsaglobal.org
The Global Semiconductor Alliance (GSA) is Where Leaders Meet to establish a profitable and sustainable semiconductor and high tech global ecosystem. GSA is a member-based industry alliance whose mission is to increase the growth and return on invested capital of the global semiconductor industry by fostering a more effective ecosystem through collaboration, integration and innovation. It addresses the challenges within the supply chain, including IP, EDA/design, wafer manufacturing, test and packaging to enable industry-wide solutions. Providing a platform for meaningful global collaboration, the Alliance identifies and articulates market opportunities, encourages and supports entrepreneurship, and provides members with comprehensive and unique market intelligence. Members include companies throughout the supply chain representing 25 countries across the globe.