When the demand for personal computers was obviously slowing, mergers might have been the saving grace for investors in semiconductor companies.
"Investors were looking at what was going to be the next lottery ticket of what company was going to get acquired," said Wedbush Securities analyst Betsy Van Hess, adding that the mergers might have shrouded the fact that industry fundamentals weren't all that strong.
But now that PC sales look to be stabilizing, expect more merger activity next year, Van Ness said.
"We will see further consolidation in the industry, there's no question about that," Van Ness said Thursday in an interview with CNBC's "Squawk Alley." "Until companies have a better feel of end market demand...we're going to probably not see too many acquisitions between now and the and of the year...but next year I do expect that to pick up."