GPUs, memory, foundry, packaging, optics
Lithography, chip equipment, foundry, AI memory (HBM), packaging, lasers and optics decide how many AI chips actually ship.
How many useful AI accelerators can the supply chain actually ship?
Chips & Networking index vs S&P 500
Equal-weight, rebased to 100 · 1Y19 bottlenecks in Chips & Networking
Sorted by tightness score. Click through for supply chain, dimension scores, names and falsifier.
AI Memory (HBM & DRAM)
Three suppliers make essentially all HBM. Each HBM bit consumes several times the wafer area of standard DRAM, crowding out conventional supply.
Leading-Edge Chipmaking (Foundry)
One company produces almost all leading-edge AI logic. N3/N2 capacity is allocated years ahead and every new fab is a multi-year, tens-of-billions bet…
Laser Chips for Optics (InP)
The scarce part of an 800G/1.6T link is often the laser — EML and CW lasers grown on indium-phosphide wafers that few fabs can make at volume.
Chip Packaging (CoWoS)
An accelerator is useless until logic and HBM are integrated on an interposer. 2.5D/3D capacity, hybrid bonders and TC bonders gate output.
Lithography Machines (EUV)
EUV is a single-vendor tool with a single-vendor optics chain. Mask inspection and photoresist are similarly concentrated in a handful of Japanese fir…
Optical Transceivers (800G / 1.6T)
Cluster scale pushes past copper. 800G→1.6T pluggables ramp now; co-packaged optics shift value toward the switch and laser.
AI Chips (GPUs & Custom ASICs)
Deployable AI compute tracks the minimum of logic, HBM and packaging. Merchant GPUs and hyperscaler ASICs compete for the same upstream capacity.
AI Storage (Enterprise SSD & HDD)
AI training data and inference logs need exabytes of storage. Two companies make nearly all hard drives and a few make NAND, so supply is slow to foll…
Chip Testing & Burn-in
Bigger dies, more chiplets and HBM stacks multiply test time. SoC and memory testers become a quiet throughput gate for every accelerator shipped.
AI PCBs & Laminates (CCL)
AI accelerator boards and switch trays need high-layer, low-loss PCBs and copper-clad laminate. Few makers qualify, and layer counts rise every genera…
Fiber, Cable & Connectors
AI halls use many times the fiber of a conventional data centre. High-density fiber and connectors became capacity-constrained alongside optics.
Chip Equipment (Deposition, Etch, Inspection)
Gate-all-around transistors, backside power and HBM stacking add process steps. More steps per wafer means more tool spend per unit of capacity.
800V Rack Power (Power Shelves & PSUs)
100kW+ racks force 800V DC architectures, GaN/SiC conversion and new power shelves. Power density per rack is now a design constraint.
Chip Substrates (ABF & Glass)
Large AI packages need big, many-layer ABF substrates. The build-up film itself comes from one supplier; glass-core substrates are the next transition…
AI Networking (Switches & Retimers)
Every additional GPU in a training domain multiplies switch ports and retimers. Ethernet vs proprietary fabrics decides who captures it.
MLCC & Passive Components
An AI server board uses many times the capacitors of a normal server, and the high-capacitance, high-temperature parts come mainly from Murata and Sam…
800V Power Semis (SiC & GaN)
800V DC racks need silicon-carbide and gallium-nitride switches at every conversion step. Capacity is ample after the EV slowdown, so the constraint i…
AI Server Racks (Taiwan ODMs)
Rack-scale systems are integrated by a few Taiwanese ODMs. Execution and liquid-cooling readiness matter more than raw capacity.
Silicon Wafers & Chemicals
Prime wafers and ultra-pure chemicals are concentrated, but capacity is ahead of non-AI demand. A latent rather than active constraint.
Every stock in Chips & Networking
Sorted by 1-month performance. Roles, not recommendations.
| Name | Role | Region | Last | 1D | 1M | YTD | Off high | Trend |
|---|---|---|---|---|---|---|---|---|
| MPWR Monolithic Power Systems |
Voltage regulation for accelerators | US | $1,447.4 | −2.12% | +16.4% | +60.5% | −14.1% | |
| ANET Arista Networks |
Ethernet switching for AI back-end networks | US | $206.6 | +5.06% | +5.7% | +57.7% | −4.7% | |
| AVGO Broadcom |
Custom ASICs and Ethernet switch silicon for hyperscaler clusters | US | $364.4 | +5.54% | +5.2% | +5.9% | −24.1% | |
| POWI Power Integrations |
GaN power conversion | US | $46.06 | −0.92% | +2.9% | +31.1% | −47.0% | |
| AMD Advanced Micro Devices |
Second merchant GPU source competing for the same CoWoS and HBM | US | $585.3 | +5.86% | +2.5% | +173.3% | −9.9% | |
| NVTS Navitas Semiconductor |
GaN power ICs for AI power supplies | US | $9.56 | −5.06% | +2.2% | +33.9% | −69.9% | |
| ON onsemi |
SiC power and image sensors | US | $73.73 | +0.15% | +0.5% | +36.2% | −45.0% | |
| ENTG Entegris |
Ultra-pure chemicals, filtration and materials | US | $153.2 | −0.65% | +0.1% | +82.4% | −16.6% | |
| STM STMicroelectronics |
SiC and GaN power devices | Switzerland | $46.46 | +0.43% | −0.9% | +80.1% | −41.7% | |
| NVMI Nova |
Dimensional and materials metrology | Israel | $327.6 | −3.81% | −1.1% | −0.2% | −45.9% | |
| APH Amphenol |
Connectors and interconnect for AI racks | US | $79.62 | +0.39% | −3.7% | +18.4% | −10.2% | |
| 4063.T Shin-Etsu Chemical |
Silicon wafers and photoresists | Japan | ¥5,791.0 | +1.44% | −4.6% | +20.3% | −25.6% | |
| TSM Taiwan Semiconductor |
Leading-node foundry and CoWoS packaging chokepoint | Taiwan | $405.5 | −1.90% | −5.7% | +34.5% | −16.5% | |
| IFX.DE Infineon Technologies |
SiC/GaN power semis for 800V DC racks | Germany | €52.11 | −0.02% | −5.8% | +39.2% | −40.8% | |
| 3231.TW Wistron |
GPU baseboard and server ODM | Taiwan | NT$170.0 | −2.58% | −9.1% | +17.1% | −14.1% | |
| ASML ASML Holding |
Sole EUV lithography supplier | Netherlands | $1,497.1 | −2.43% | −9.2% | +40.8% | −24.6% | |
| BESI.AS BE Semiconductor |
Hybrid bonding equipment leader | Netherlands | €158.1 | −1.06% | −9.4% | +18.9% | −50.7% | |
| FN Fabrinet |
Precision optical manufacturing for transceivers | Thailand | $353.8 | −4.11% | −10.0% | −22.3% | −52.6% | |
| CSCO Cisco Systems |
Switching and silicon for AI networks | US | $102.0 | +1.24% | −10.2% | +34.9% | −20.9% | |
| 005930.KS Samsung Electronics |
HBM, DRAM and foundry across memory and logic | Korea | ₩208,000 | +0.97% | −10.3% | +77.0% | −41.6% | |
| 000660.KS SK hynix |
HBM share leader | Korea | ₩1,254,000 | −1.80% | −11.6% | +93.1% | −57.0% | |
| COHR Coherent |
Lasers, InP capacity and optical transceivers | US | $232.1 | −1.04% | −11.9% | +25.7% | −45.6% | |
| KLAC KLA |
Process control and inspection at leading nodes | US | $157.3 | −2.30% | −12.0% | +29.9% | −47.8% | |
| ASM.AS ASM International |
ALD/epitaxy for gate-all-around transistors | Netherlands | €724.2 | −0.47% | −12.2% | +40.5% | −32.9% | |
| MU Micron Technology |
US HBM/DRAM supplier; allocation thesis pulse | US | $798.4 | −1.59% | −12.7% | +180.0% | −34.2% | |
| GFS GlobalFoundries |
Specialty-node foundry incl. silicon photonics | US | $42.62 | −0.54% | −12.9% | +22.5% | −52.4% | |
| ONTO Onto Innovation |
Advanced-packaging metrology and lithography | US | $209.7 | −2.51% | −13.2% | +32.8% | −44.6% | |
| 2382.TW Quanta Computer |
Hyperscaler server ODM | Taiwan | NT$278.5 | −6.54% | −13.8% | +6.8% | −30.4% | |
| WDC Western Digital |
Hard drives for AI data storage | US | $311.2 | −0.67% | −14.5% | +80.8% | −58.3% | |
| AEHR Aehr Test Systems |
Wafer-level burn-in | US | $61.04 | −7.21% | −14.6% | +202.3% | −58.1% | |
| AMAT Applied Materials |
Deposition and materials engineering across logic, DRAM and packaging | US | $380.9 | −3.58% | −14.7% | +48.8% | −47.2% | |
| 4186.T Tokyo Ohka Kogyo |
Photoresists for EUV and advanced nodes | Japan | ¥7,722.0 | −1.87% | −14.9% | +33.5% | −33.3% | |
| GLW Corning |
Optical fiber and connectivity for AI halls | US | $119.5 | −0.80% | −15.2% | +37.2% | −53.2% | |
| ARM Arm Holdings |
CPU IP inside custom accelerators, servers and edge devices | UK | $199.8 | −1.76% | −16.1% | +82.8% | −54.5% | |
| 042700.KS Hanmi Semiconductor |
TC bonders for HBM stacking | Korea | ₩181,900 | −1.14% | −16.4% | +43.2% | −55.6% | |
| 2368.TW Gold Circuit Electronics |
High-layer PCBs for AI servers and switches | Taiwan | NT$975.0 | −7.14% | −16.7% | +42.9% | −34.3% | |
| AMKR Amkor Technology |
Advanced packaging OSAT incl. US capacity | US | $37.12 | −2.57% | −17.2% | −5.5% | −60.2% | |
| 2301.TW Lite-On Technology |
AI server power supplies and shelves | Taiwan | NT$228.0 | −4.60% | −17.4% | +43.3% | −28.2% | |
| ASX ASE Technology |
Largest OSAT; takes CoWoS-class overflow | Taiwan | $36.29 | −4.05% | −18.1% | +127.7% | −23.8% | |
| CIEN Ciena |
Coherent optics for data-centre interconnect | US | $294.0 | −0.69% | −18.2% | +25.7% | −53.1% | |
| LRCX Lam Research |
Etch and deposition critical for GAA and HBM | US | $233.8 | −0.89% | −18.5% | +37.0% | −46.0% | |
| 6146.T Disco |
Dicing and grinding for thin wafers and HBM | Japan | ¥47,370 | −0.44% | −19.1% | −0.8% | −46.3% | |
| 8035.T Tokyo Electron |
Coater/developer, etch and deposition tools | Japan | ¥9,304.0 | +0.35% | −19.5% | +37.8% | −40.5% | |
| 2802.T Ajinomoto |
Sole major supplier of ABF build-up film | Japan | ¥4,260.0 | −0.09% | −19.5% | +29.8% | −30.6% | |
| 6920.T Lasertec |
EUV mask blank and mask inspection | Japan | ¥36,380 | −2.20% | −21.1% | +23.2% | −36.5% | |
| CLS Celestica |
Hyperscaler networking and compute EMS | Canada | $254.0 | +4.57% | −21.4% | −14.1% | −46.2% | |
| CRDO Credo Technology |
Active electrical cables and SerDes | US | $139.8 | −1.13% | −22.0% | −2.8% | −53.8% | |
| 4958.TW Zhen Ding Technology |
PCBs and substrates | Taiwan | NT$430.0 | −6.72% | −22.1% | +204.9% | −33.4% | |
| CAMT Camtek |
Inspection for HBM and advanced packaging | Israel | $105.4 | −1.52% | −22.3% | −0.9% | −49.2% | |
| COHU Cohu |
Test handlers and interface | US | $45.00 | −2.13% | −22.7% | +93.4% | −39.1% | |
| FORM FormFactor |
Probe cards incl. HBM wafer probe | US | $92.32 | −3.61% | −22.9% | +65.5% | −42.3% | |
| STX Seagate Technology |
Hard drives (HAMR) for AI data storage | US | $545.1 | −1.19% | −23.6% | +98.6% | −50.1% | |
| ALAB Astera Labs |
PCIe/CXL retimers and scale-up connectivity | US | $227.8 | −1.35% | −24.1% | +36.9% | −52.8% | |
| SMCI Super Micro Computer |
Rack-scale AI servers and liquid cooling | US | $26.99 | −11.30% | −24.6% | −7.8% | −46.2% | |
| NVDA NVIDIA |
Demand aggregator for HBM, packaging, optics and robotics compute | US | $166.2 | −4.34% | −24.9% | −10.7% | −30.5% | |
| 6762.T TDK |
Passive components, MLCCs and power supplies | Japan | ¥2,337.0 | −1.20% | −25.4% | +7.6% | −42.7% | |
| IQE.L IQE |
Compound-semiconductor epitaxial wafers | UK | 32.75p | −2.67% | −25.7% | +555.0% | −48.0% | |
| 6857.T Advantest |
SoC and memory testers for AI accelerators and HBM | Japan | ¥29,985 | −4.63% | −25.8% | +53.1% | −28.4% | |
| 2383.TW Elite Material |
Low-loss copper-clad laminate for AI boards | Taiwan | NT$4,105.0 | −8.78% | −26.0% | +150.7% | −35.1% | |
| TTMI TTM Technologies |
Advanced PCBs for data centers and defence | US | $76.28 | −3.07% | −26.2% | +10.6% | −65.6% | |
| UMC United Microelectronics |
Mature-node foundry and interposer capacity | Taiwan | $15.76 | −1.99% | −26.4% | +104.0% | −42.7% | |
| 300308.SZ Zhongji Innolight |
Largest 800G/1.6T transceiver maker | China | ¥508.9 | −6.11% | −26.6% | −16.4% | −63.1% | |
| TER Teradyne |
SoC test plus Universal Robots cobots | US | $263.8 | −0.76% | −26.6% | +36.4% | −45.5% | |
| DELL Dell Technologies |
AI servers for enterprise and neoclouds | US | $371.2 | −0.67% | −26.8% | +198.0% | −36.8% | |
| AXTI AXT Inc |
InP and GaAs substrates | US/China | $43.54 | −7.30% | −29.3% | +166.3% | −69.1% | |
| 2308.TW Delta Electronics |
Power shelves and thermal for AI racks | Taiwan | NT$1,240.0 | −4.25% | −30.1% | +29.4% | −50.5% | |
| LITE Lumentum |
EML and CW lasers for 800G/1.6T | US | $624.6 | −3.61% | −30.3% | +69.5% | −44.9% | |
| 2492.TW Walsin Technology |
MLCCs and passives | Taiwan | NT$272.0 | −5.56% | −30.6% | +133.7% | −55.7% | |
| 3436.T SUMCO |
300mm prime silicon wafers | Japan | ¥2,170.0 | +3.88% | −30.7% | +51.6% | −59.1% | |
| 6981.T Murata Manufacturing |
Largest MLCC maker; high-cap parts for AI servers | Japan | ¥5,224.0 | −4.27% | −31.1% | +63.2% | −57.2% | |
| 2327.TW Yageo |
Capacitors and resistors (incl. KEMET) | Taiwan | NT$407.0 | −4.12% | −32.0% | +77.5% | −64.3% | |
| 5802.T Sumitomo Electric |
Optical fiber, HV cable and compound semis | Japan | ¥1,555.0 | −1.68% | −32.2% | +0.3% | −55.1% | |
| 6976.T Taiyo Yuden |
MLCCs and inductors | Japan | ¥7,151.0 | −4.35% | −32.5% | +105.2% | −68.3% | |
| 8046.TW Nan Ya PCB |
ABF substrates | Taiwan | NT$972.0 | −10.00% | −32.5% | +304.2% | −35.4% | |
| 3037.TW Unimicron |
ABF substrate capacity | Taiwan | NT$792.0 | −8.33% | −32.9% | +260.7% | −40.2% | |
| VICR Vicor |
High-density power modules | US | $164.7 | −2.03% | −32.9% | +50.3% | −56.6% | |
| MRVL Marvell Technology |
Custom silicon, DSPs and electro-optics for AI infrastructure | US | $164.4 | −2.58% | −33.0% | +93.8% | −48.0% | |
| SNDK SanDisk |
NAND flash and enterprise SSDs | US | $937.5 | −4.11% | −33.2% | +294.9% | −59.9% | |
| 009150.KS Samsung Electro-Mechanics |
MLCCs and FC-BGA substrates | Korea | ₩886,000 | −4.01% | −35.5% | +247.4% | −61.0% | |
| 6963.T Rohm |
SiC power devices | Japan | ¥2,935.0 | −7.41% | −35.7% | +33.9% | −50.4% | |
| INTC Intel |
US foundry rebuild with advanced-packaging optionality | US | $61.20 | −2.08% | −37.6% | +65.8% | −56.6% | |
| 300502.SZ Eoptolink |
High-speed optical modules | China | ¥205.6 | −4.38% | −37.9% | −33.1% | −66.3% | |
| AAOI Applied Optoelectronics |
US-made optical modules and lasers | US | $52.85 | −5.39% | −38.7% | +51.6% | −76.3% | |
| 6488.TWO GlobalWafers |
Silicon wafers incl. US capacity | Taiwan | NT$622.0 | −2.05% | −38.7% | +53.8% | −58.8% | |
| 285A.T Kioxia |
NAND flash and enterprise SSDs | Japan | ¥9,300.0 | −2.83% | −38.7% | +167.8% | −74.3% | |
| 4062.T Ibiden |
High-end ABF substrates for AI accelerators | Japan | ¥6,344.0 | −8.32% | −40.3% | +89.0% | −51.9% | |
| 5803.T Fujikura |
High-density optical fiber and cable | Japan | ¥3,002.0 | −3.81% | −40.8% | +4.6% | −61.5% | |
| 6274.TWO Taiwan Union Technology |
High-speed copper-clad laminate | Taiwan | NT$956.0 | −9.81% | −42.2% | +95.1% | −49.7% | |
| 2317.TW Hon Hai (Foxconn) |
Largest AI rack integrator | Taiwan | NT$240.0 | −0.83% | 0.0% | +7.2% | −20.0% |