ab Global Research owered by UBS Evidence Lab YES P 23 July 2025 Semiconductors UBS Evidence Lab inside: Semis Distributor Tracker - approaching normalised inventories? UBS Enhanced Semis Distributor Tracker #10 Data from the tenth edition of our UBS Enhanced Semis Distributor Tracker (> Access dataset) is suggestive of further normalisation of inventory levels and remains reassuring in terms of pricing. MCU inventories appear to be stabilising, and though at an optically high level vs. Jan-23, we would not ...