By now, everyone and their grandmother is familiar with ASML, the sole provider of EUV (Extreme Ultraviolet) capable lithography machines in the world. As hyperscalers continue to aggressively build out compute, we constantly discover new bottlenecks at almost every level of Jensen's five-layer AI cake, down to an insulating film supplied by, of all things, an MSG manufacturer. Yet for all the novel bottlenecks that crop up, there remains a perennial, critical constraint to AI build-out: the capacity of leading fabs to produce wafers on bleeding-edge process nodes. In other words, this bottleneck is EUV capacity, as all sub-7 nm […]
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