Analysis & Opinion

If this company vanished tomorrow, how long until someone else could do its job? Sort the AI industry by that one question and profit lines up with the answer.

The fastest chips ever built spend much of their time waiting for data. That one fact turned memory from a commodity into an execution race between three companies.

A 10% edge disappears into integration work. Buyers aren't buying a chip, they're buying a working system. That's why the best challengers ended up as parts of the platform they set out to replace.

EUV lithography has no second supplier, not even a weaker one. ASML didn't beat its rivals. They read the same research and decided it wasn't worth it.

The seasoning company makes the insulating film inside nearly every advanced AI chip package. Its moat isn't chemistry. It's the years it takes to qualify a replacement.