The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · out

across 8 members — open each for the figure + sources

about Chips

aggregate of member nodes

Aggregate of 8 member claims — each member's sourced figures are below.


the working

Basis

aggregate of member nodes

Member claims 8

This is an aggregate — its evidence is the members' own claims.

  • Nvidia modest capex (fabless), $80B buybacks authorized, ~$30B strategic equity into buyers, …
  • Broadcom dividends ~$11.8B/yr + VMware-debt paydown (buybacks paused) + small capex ~$0.9B
  • SK Hynix capex ~$21B/yr dominates; dividends modest (not separately fetched — low confidence on the …
  • Micron capex ~$25B/yr (US megafabs, CHIPS-supported) + small dividend + modest buybacks
  • CXMT capacity capex (state-directed buildout); dividends/buybacks not applicable (growth-stage, …
  • AMD R&D-led + capex ~$1.2B + buybacks ~$1.5B/yr + acquisition integration (ZT Systems); no …
  • Qualcomm buybacks ~$11.8B + dividends ~$3.8B + capex ~$1.8B — capital-return dominates outflows …
  • Arm R&D + capex ~$0.55B; capital deployment is PARENT-DIRECTED (SoftBank 87.1%), so strategic …

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Chips.