Layer 1: enablers
1 companyThe tools that make chips possible. Without these, nothing else works.
ASML
$ASMLDutch monopoly on EUV lithography machines. The only company that can make the machines that make the most advanced chips. If ASML stops, the entire semiconductor industry stops.
Key Dependencies
Competitors
Key Products
EUV Lithography Systems, DUV Systems
Market Cap
$350B
Revenue
$28B
Layer 2: foundrys
1 companyThe factories that manufacture silicon. They turn designs into physical chips.
Taiwan Semiconductor (TSMC)
$TSMThe world's most advanced chip manufacturer. Makes chips for Apple, NVIDIA, AMD. Controls 60%+ of global foundry market.
Key Dependencies
Competitors
Key Products
3nm chips, 5nm chips, N2 (2nm) coming
Market Cap
$850B
Revenue
$70B
Layer 3: designers
1 companyThe architects. They design the chips but don't own fabs.
NVIDIA
$NVDAGPU designer and AI infrastructure leader. Designs chips but doesn't manufacture them (fabless). Dominant in AI accelerators with 90%+ market share.
Key Dependencies
Competitors
Key Products
H100, H200, GB200 (Blackwell), CUDA software
Market Cap
$3.2T
Revenue
$60B
Layer 4: hyperscalers
1 companyThe buyers. They build data centers and run AI at scale.
Meta (Facebook)
$METABuilds massive data centers to train AI models. Uses NVIDIA GPUs to power Llama and recommendation algorithms. Spends $30B+ per year on infrastructure.
Key Dependencies
Competitors
Key Products
Llama AI, Instagram, WhatsApp, Quest VR
Market Cap
$1.4T
Revenue
$135B
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