Semiconductor
CXMT IPO Funds DRAM Capacity, Not the High-Margin Tier
The CXMT IPO funds DRAM capacity nearing Micron's, but capacity isn't competitive supply - bit output, DDR5 cost, and HBM yield tell the real story.
AI
AI’s Power Bottleneck Isn’t the Transformer. It’s the Steel Inside It.
AI's power bottleneck runs below the transformer to grain-oriented electrical steel - a specialty steel only a few mills make, sold out through 2028.
Semiconductor
When a Glass Substrate Supplier Publishes a Yield Number, Which Step Did It Measure?
The glass substrate is where AI's packaging bottleneck moves next, below CoWoS - and a merchant fab in Georgia is on track to reach commercial scale before TSMC.
Semiconductor
DRAM Shortage Is Starving On-Device AI of Cheap Memory
The 2026 DRAM shortage looks like pricier gadgets, but AI's cloud demand is rationing the cheap memory on-device AI needs - and Samsung is starving its own phones.
Robotics
Humanoid Robot Brains Are Nearly Solved. The Hands and Actuators Aren’t.
Humanoid robot AI is nearly solved; the 2026 bottleneck is dexterous hands and actuators, a hardware layer China's supply chain now quietly dominates.
Semiconductor
Nvidia H200 China Sales: A Gate Opens, With Conditions
Beijing may let Alibaba, ByteDance, and DeepSeek buy Nvidia H200 chips - under 200,000 units, training only. What the two-government gate means.
Interests
Smart Glasses 2026: The Volume Is Chinese, the Margin Is Not
A decade of face computers gathers dust behind the pair that finally sold. The category's numbers are usually quoted in dollars, and the competition is being fought in units — which is why the growth rate everyone repeats says almost…
Semiconductor
A Second Chip Means a Second Codebase
You design with the tools you are allowed to own. What that leaves out is who pays to make them usable. DeepSeek's reported inference chip has no named manufacturer and no prototype, and the durable cost it implies is not…