Expected beta of a big semiconductor firm

What CAPM beta would you expect for a large semiconductor manufacturer, and why?

Above 1, roughly 1.2 to 1.5. Chip demand is highly cyclical and tied to capital spending and consumer electronics, and high fixed costs give strong operating leverage, so earnings and returns swing more than the market. Size and diversification temper this a little, but it should still be above the market beta of 1.