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Market perspective

Chips & fabs

Chips and fabs are the profit and geopolitics chokepoint — depreciation clocks decide whether today’s capex is investment or write-off.

TSMC, Nvidia, custom silicon — chokepoints, depreciation, geopolitics.

Questions worth asking

Use these as a starting point — or ask your own in the panel on the right.

  1. What share of buildout economics is really a bet on GPU useful life?
  2. How do export controls reshuffle who can train frontier models?
  3. Where does custom silicon (TPU, Trainium, Maia) change Nvidia’s pricing power?

Related perspectives

How this part of the buildout connects to the rest of the map.

See it on the map

The power & grid map traces players, metrics, and who wins / who pays — a concrete place to start when you want numbers and connections side by side.

Open the power & grid map