SemiAnalysis — Dylan Patel's premier semiconductor and AI-hardware research publication. Deep technical analysis of chips, foundries, advanced packaging, datacenters, and the AI compute supply chain.
Mag 7 already worth 1.8x Europe; AI value will compound the same way computers did
Captured AI value accrues to firms with market power who hold price as costs collapse
AI output is invisible in macro data while costs are visible, so the AI-heavy index gets misread cheap.
IREN underpriced as scarcity-driven rental pricing power lifts all Neocloud economics
DRAM and NAND memory prices going parabolic on AI demand, a structural supply squeeze
Anthropic demand exploding, ARR tripled in a quarter as agentic coding consumes software dev
Nebius mispriced as a Neocloud beneficiary of rental tightness while sentiment stays anchored to oversupply