Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 32

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 32
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 in equipment and fixed assets to be owned by Tower that will
be installed and qualified for Tower processes at the Intel facility. The corridor is currently in the initial equipment procurement and
installation phase and is not yet qualified for production.

Our executive offices and Israeli facilities are located in the
Ramat Gavriel Industrial Park, Shaul Amor Street, Post Office Box 619, Migdal Haemek, 2310502 Israel, and our telephone number is 972-4-650-6611.
Our agent for service of process in the United States is Tower Semiconductor USA, Inc. located at 2570 North First Street, Suite 480 San
Jose, CA 95131.

The SEC maintains an internet website that contains reports, proxy
and information statements and other information about issuers, like us, that file electronically with the SEC. Our filings with
the SEC are available to the public through the SEC’s website (http://www. sec. gov). For more information about us, go to http://www. towersemi. com.
Information on our website is not incorporated by reference in this annual report.

21

B. BUSINESS OVERVIEW

INDUSTRY OVERVIEW

Semiconductor devices are critical components in a variety of applications,
from computers, consumer applications and communications, to industrial, military, medical and automotive applications. Rapid changes
in the semiconductor industry frequently make recently introduced devices and applications obsolete within a very short period of time.
With the increase in their performance and decrease in their size and resulting decrease in cost, the use of semiconductors and the number
of their applications have increased significantly.

Historically, the semiconductor industry was composed primarily
of companies that designed and manufactured integrated circuits (“ ICs”) in their own fabrication facilities, which are known
as integrated device manufacturers (“ IDM”). In the mid-1980s, fabless companies, which focused on design and used external
manufacturing capacity, began to emerge. Fabless companies initially outsourced production to IDMs, which filled this need through their
excess capacity. As the semiconductor industry continued to grow, increasing competition forced fabless companies and IDMs to seek reliable
and dedicated sources of wafer foundry services. Use of external manufacturing capacity allowed IDMs to reduce their investment in their
existing and next-generation facilities and process technologies. This need for external capacity led to the development of independent
companies, known as foundries, which focus primarily on providing wafer manufacturing services to semiconductor suppliers.