Microchip is riding on consistent strength in its analog and microcontroller businesses. The company's dominance in 8,16 and 32-bit microcontrollers is driving top-line growth. Strategic acquisitions like Microsemi and Atmel have expanded the product portfolio. It is gaining from recovery in demand across industrial, automotive and consumer end-markets, on reopening of economies, globally. Collaboration with the likes of AWS is positive. Nevertheless, supply-chain constraints related to semiconductors has been a headwind. The company could not meet demand with adequate supply as shipping of products were facing increasing backlogs. Microchip expects wafer fab, as well as assembly and test constraints, will persist through 2023 and beyond. Leveraged balance sheet is a concern for investors. Shares have underperformed the industry year to date.