the-ascent

Rare earths reprice higher as China controls processing and the West scrambles to secure supply.

Grid hardware makers, transformers and switchgear, hold multi-decade backlogs and pricing power not seen since the 1960s.

Own the compute and chip substrate, not the AI application layer, the substrate captures the value apps compete away.

TSMC is the hybrid winner: state-defended but priced by a commercial market bidding for scarce capacity