The Chokepoint
Jul 1, 2026
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7 min read
The 2nm bottleneck is somewhere else. One etch step, three suppliers.
Jun 24, 2026
5 min read
Three companies make the world's big gas turbines. Two blade manufacturers decide how fast they can build them.
Jun 17, 2026
The AI fiber shortage is a glass-rod shortage and you can't make the rods on a GPU schedule.
Research
Jun 15, 2026
9 min read
Why AI capacity is not the same as GPU shipments - 8 layers between wafer and live cluster.
Jun 10, 2026
AI's optical future depends on a test step only one company can run at scale
Jun 5, 2026
14 min read
Why memory defines what AI can do. A field guide to the four-tier hierarchy & the three companies that own it
Jun 3, 2026
America's AI grid runs through one Pennsylvania steel mill
May 27, 2026
No high-end processor ships without a film made by Ajinomoto.
May 25, 2026
12 min read
Agentic AI is pulling the CPU back to the center of the data center and the supply chain isn't ready.
May 19, 2026
Power semiconductors are the new chokepoint.
May 12, 2026
Where the rent flows when light becomes the chokepoint
