Semico's Inflection Point Indicator is a model we have developed which has a history of accurately predicting semiconductor revenue inflection points four quarters in advance. After analyzing current trends, it seems the semiconductor industry is repeating the pattern from 2011-2012, albeit at a muted level. Just in the past 4-5 years, the major end markets served by the semiconductor industry--tablets, notebooks, smartphones--have matured, causing growth rates to slow.