The semi-strong form is a concept in the field of efficient market hypothesis (EMH) that suggests all publicly available information is already reflected in a security's price. This means that investors cannot achieve consistently higher returns by trading on this information, as it is quickly absorbed by the market. In this form of market efficiency, only private or insider information could potentially lead to abnormal returns. Therefore, for investors, relying on public information, such as financial statements or news releases, will not provide an advantage in predicting stock price movements.