Infrastructure
The silicon everything else runs on.
The metrics
- Posture
- expanding — 8 of 12 (expanding 8 · hedging 2 · retrenching 1 · consolidating 1) 2 members →
- Capital · available
- across 2 members — open each for the figure + sources 2 members →
- Capital · operating
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- Capital · deployed
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- Capital · in
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- Capital · out
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- Optionality
- across 2 members — open each for the figure + sources 2 members →
- Gravity
- across 2 members — open each for the figure + sources 2 members →
Foundries 4
capital ~$200B+ commandable/12mo (~$119B cash+mkt-securities Jun-2026 + ~$89B/yr operating cash flow, self-funded; + …
- opt
- mixed — FCF-free but a rising slice locked to the forced …
- grav
- ~$150B/yr GROSS foundry revenue atop multi-trillion …
New 08-25 (late catch, 08-24 event): TSMC is the fab behind Xiaomi's new in-house 3nm flagship SoC. Xiaomi launched the Xring/Xuanjie O3 — …
capital ~$150B+ commandable/12mo ($98B cash Mar-2026 group + ~$50-60B/yr operating cash flow)
- opt
- constrained — chaebol Lee-family control; HBM-vs-foundry …
- grav
- ~$220.7B/yr GROSS group revenue; foundry slice small …
New 08-23: unveiled zHBM at Hot Chips 2026 day two — memory stacked directly atop the compute die, claiming 230% more bandwidth and 70% …
capital ~$45B/12mo but consumed ($29.7B cash+STI + ~$14.9B/yr operating cash flow eaten by capex, net -$11.2B TTM); US …
- opt
- locked/constrained — turnaround (24k layoffs, DE/PL fabs …
- grav
- ~$53B/yr GROSS revenue; external foundry gravity tiny, …
New 08-28: the 14A process posted its first real defect-density and yield data point, filling a gap this map had explicitly named as missing …
capital ~$5B/12mo organic ($3B cash + ~$1.9B/yr operating cash flow; + CHIPS ~$2.175B incl. two new gov-equity stakes …
- opt
- mixed — self-funded but Mubadala 73% directs
- grav
- ~$6.84B/yr GROSS — specialty/mature nodes for …
Mubadala controls 73% (trimmed from 82%, May 2026) — specialty/mature-node foundry, trusted supplier to auto/defense/RF.
Chips 9
capital ~$200-300B commandable/12mo (liquid $80.6B Apr-2026 + ~$119B/yr FCF + near-zero net debt); market cap ~$5T is a …
- opt
- free — no fiduciary mandate, near-zero leverage; ~$30B …
- grav
- ~$1.0T/yr GROSS orbiting AI-infra (Nvidia DC run-rate + the …
New 09-04: the loop got a filed number. Nvidia's own 10-Q puts its TOTAL EQUITY-INVESTMENT PORTFOLIO at ~$99bn, up from ~$7bn a year ago — a …
capital ~$50-60B commandable/12mo ($19.6B cash + ~$33B/yr FCF) but net debt ~-$45B (VMware) pre-commits much of it; …
- opt
- mixed-to-constrained — free cash earmarked to deleveraging …
- grav
- ~$63.9B/yr GROSS FY25 revenue — hyperscaler custom-AI ASICs …
New 09-02 (recorded 09-03): FISCAL Q3 PRINT — revenue $29.6bn (+86%), AI semiconductor revenue $16.7bn (+221%), both beats; Q4 guide $34.8bn …
capital ~$70B commandable/12mo ($39B cash+STI + ~$30B/yr FCF); market cap ~$930B is a separate label
- opt
- mixed — capex-cyclical; SK chaebol control
- grav
- ~$70-80B/yr GROSS direct (the HBM the whole buildout needs; …
New 09-04: deferred again, on its own clock. A Form 6-K filed with the SEC says "no matters have been determined" on a rumored 5-10 trillion …
capital ~$50-55B commandable/12mo ($26B cash+STI + ~$26B/yr FCF, net cash $24B); market cap $1.04T is a separate label
- opt
- mixed — FCF earmarked to US megafabs + CHIPS
- grav
- ~22% of DRAM revenue GROSS across DC+AI+PC+auto (DRAM/NAND); …
New 08-23: Micron put a number on the memory wall at Hot Chips 2026 (Stanford, 08-23 to 08-25, day one). Raghu Sreeramaneni's "Evolving …
capital state-backed IPO ~$8.5-9.8B fresh + Big Fund; market cap ~$524B is the mark (separate label) — corrected …
- opt
- locked — state-directed (36.29% state pre-IPO, …
- grav
- ~7.6% of DRAM revenue GROSS — China's domestic memory …
New 08-31 PM: began SMALL-BATCH PRODUCTION OF HBM3E, the high-bandwidth memory Nvidia H200/Blackwell-class accelerators are built around, …
capital ~$25-35B commandable/12mo ($12.35B cash + ~$8.6B/yr FCF, net cash $8.5B); market cap $851B is a separate label
- opt
- mostly free — net cash; self-earmarked to AI-GPU R&D + …
- grav
- GROSS — x86 server + PC + DC-GPU on AMD silicon (AMD-claimed …
New 08-29 (cold rotation, caught late): two developments the map missed while the thread was quiet. At Hot Chips on 08-24 AMD disclosed hard …
capital ~$25-30B commandable/12mo ($9.8B cash + ~$12.5B/yr FCF); market cap $176B is a separate label
- opt
- mostly free
- grav
- GROSS — premium-Android ecosystem (Snapdragon; ~39% …
New 08-16: no further movement all week (08-10→08-16) — no Qualcomm-specific development since 08-05 — the only mention across this week's …
capital ~$60B total assets (€54.7B, Jun-2026); market cap is a separate label
- opt
- free — strong balance sheet, little encumbrance
- grav
- GROSS — sole EUV supplier; no leading-edge chip is made …
The EUV monopoly — the tightest chokepoint on the board; rentier with an emerging AI-stakes tilt (Mistral 11%).
capital ~$5B/12mo ($3.6B cash + ~$1B/yr FCF) — TINY vs its gravity; market cap $278B is a separate label
- opt
- constrained — 87.1% SoftBank-controlled
- grav
- GROSS — ISA under ~99% of smartphones + DC (Grace/Graviton) …
New 08-24: IBM built native Arm support into its next mainframe chip, confirmed from both companies' own newsrooms — a design win in the one …