Analysis
Analyses validated against value-chain ripple data. Added as node expansions surface new patterns.
- Where AI capex begins: from demand to the EUV mirror
From OpenAI/Anthropic demand through Foxconn/Vertiv infrastructure, chips and EDA, TSMC and memory, to equipment, materials and the EUV apex (Zeiss, TRUMPF). One unbroken loop of the value chain.
- Did the AI cycle propagate along the value chain?
A rise that moved from 2023 compute to 2024 foundry to 2025-26 memory, materials and equipment. Testing cycle propagation across 100 nodes of annual returns.
- Why EDA is essential yet its stock lags
Why the EDA oligopoly that every design passes through lagged the cycle: its subscription-based revenue.