AI Materials & Equipment: The AI Industry’s Roots
Layer 1 of the AI industry: why ASML alone is the industry’s chokepoint, how EUV lithography works, and materials. The series finale.
Industries
Analysis of industry structures and value chains across sectors like AI, semiconductors, and biotech with key investment insights.
AI Foundries: The Skeleton of the AI Industry
Layer 2 of the AI industry: why TSMC alone monopolizes advanced chip production, why Samsung and Intel can’t catch up, and the geopolitics.
GPU & Chip Design: The AI Industry’s Fingertips
AI · Industry Structure · GPU & Chip Design AI Industry Structure, Layer 2: GPU & Chip Design (Fabless) This
AI Memory, CPU & Storage: The AI Industry’s Memory
Layer 2 of the AI industry: the full memory hierarchy from registers to storage, and why HBM is such a hot topic.
AI Networking & Optics: The AI Industry’s Nervous System
Layer 3 of the AI industry, networking and optics: why InfiniBand and Ethernet clash in the tech tying tens of thousands of servers together.
AI Power: The Bloodline of the AI Industry
Layer 3 of the AI industry: why big tech invests in nuclear, SMRs, and gas turbines at once, plus the grid queue problem.
AI Cooling: The AI Industry’s Thermosta
AI · Industry Structure · Cooling AI Industry Structure, Layer 3: Cooling This is the fourth article in the “5
AI Cloud: The Heart of the AI Industry
Layer 3 of the AI industry: how AWS, Azure, and Google Cloud differ, why they build their own AI chips, and rising neoclouds like CoreWeave.
AI Models: The Brain Behind the AI Industry
Layer 4 of the AI industry: how ChatGPT’s real brain gets trained, why it costs so much, and how it differs from open-source models.