The purpose of this article is to analyze systemically the Brazilian production chain of semiconductors. The specific objectives of this article are to represent the chain systemically and to identify key variables and leverage points that can increase the overall performance of the semiconductor industry. The research method is qualitative modelling. Eleven practitioners of the industry answered a questionnaire approaching various aspects of the semiconductor industry in Brazil. By a systemic approach, the complex behavior present in the industry was considered. By content analysis, we identified patterns in the speech of the respondents. Texts fragments allowed the identification of key themes and variables present in the system. The association among key variables and complex behavior helped to build a systemic structure, aimed at representing the main relationships in the system. From the systemic structure, eight leverage points were identified and discussed. The key implications of the findings are the damage that cheap imports make in the local market; the need of strong public policies that include more than tax reduction, but also local conditions, like clusters or technological parks, for the high-tech manufacture; and the promotion of conditions that stimulate private investment in the industry.