The Financial Post reports in its Friday edition that investors in semiconductor stocks face a growing threat to industry valuations: a chronic shortage of water. A Bloomberg dispatch to the Post reports that Morgan Stanley found many semiconductor companies are not publishing quantifiable water targets, including ASML, Nvidia and Broadcom. With the Nasdaq Global Semiconductor Index up about 40 per cent so far this year, some investors are starting to look for potential cracks. That is particularly true for a few of the sector's absolute top performers, with Nvidia up more than 200 per cent this year. Water is an issue that is hitting the tech industry more broadly. In Spain, Meta Platforms is facing local opposition to a planned $1.07-billion (U.S.) data centre, as the country faces increasingly fierce droughts and fires that have turned water access into a politically explosive topic. In the Netherlands, Microsoft found itself the target of local outrage last year after it was reported that one of the company's local data centre facilities was consuming more than four times the maximum amount of water than previously disclosed. Robeco Institutional Asset Vicki Chi says water risk have so far been moderate.