Research / Topics
Foundry
Leading-edge manufacturing and who controls it. TSMC, Intel Foundry, Samsung, process nodes and lithography economics.
26 posts
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2026
- Oligopoly Equilibrium
Why most semiconductor markets settle at two to three players
- Will ASML Finally Charge for Its Value?
Management hints ASML starts charging for value in 2027. Consensus says it won't.
- TSMC could spend $10B more on N2 capacity. Why won’t they?
TSMC has the cash... Why not build more N2? Implications of not doing so? And more
- Advanced Packaging: Intel's EMIB vs TSMC's CoWoS
Is Intel's EMIB better than TSMC's CoWoS for AI accelerators? A primer on both, an honest look at the trade-offs, and where it goes from here.
- TSMC's Margins in Uncharted Territory
66.2% in the weakest quarter of the year. The biggest sequential jump on record. And 10 points above the long-term target they just raised.
- Substrate
X-ray lithography worked. The industry chose a different path. Substrate wants to go back. Will it work? What about XLight, ASML, TSMC?
- xLight. Photons as a Service.
xLight's plan to swap EUV's light source for a free-electron laser and sell light like a utility.
- Intel Q425: Back to Reality
Continued supply constraints, advanced packaging timing, and why Q1 2026 will be more of the same
- Lithography Economics
The Problem With Lithography. ASML, xLight, Substrate.
2025
- Intel is "All In On 14A"
Takes from Intel at RBC's TIMT conference
- Understanding SkyWater
Deep Dive on $SKYT
- Intel Q3 2025 Earnings: Doing Fine
18A Progress, 14A Gambit Worked, Supply and Demand Problems
- TSMC Earnings and Intel Foundry
Record revenues, accelerating demand, and what it means for Intel Foundry
- Intel’s 18A: Misstep or First Step?
RibbonFET, PowerVia, Foundry Roadmap, Potential Write-off, Comparing TSMC
- Intel Foundry’s Cultural Reboot
Rebooting from the outside in. Naga & Kevin showcase cultural progress at Direct Connect 2025.
- Chipstrat Chat with Jared O’Leary, CEO of SirenOpt
PhD to Entrepreneur, Non-Destructive Metrology, Entering Established Industries, Berkeley Skydeck, Advice for PhD Students, Physics-Informed Machine Learning
- What Happens If TSMC Controls It All?
Why Foundry Competition is Necessary
2024
- Semiconductor Metrology
Measure What Matters!
- Gelsinger Retires; Intel's Future
Creating a Products division is a win, but challenges ahead for Holthaus.
- Why America Must Invest in Intel Foundry
The U.S. needs a private Intel Foundry flush with patient capital
- Monopsony and TSMC
Monopsony and Oligopsony, Bilateral Monopsony, Market Correlation, Bullwhip Effect, and more
- Qualcomm + Intel
The "Inference Everywhere" Angle
- IDM Death Spiral
Can Intel escape the IDM Death Spiral?
- Intel Skips 20A
Should We Be Concerned?
- Understanding Intel, Part 2
Foundry Significance, Intel's Future, Hardware's Bitter Lesson, Does x86 Matter, Are CPUs Dead, What About Gaudi, Client Brand Strength.
- Understanding Intel
Explaining Intel's Strategy, Recent Challenges, and Subsequent Strategy Shifts.
