Compute's binding constraint is a single-supplier node: leading-edge chips pass through ASML's EUV tools, which cannot be scaled on short notice, so EUV fleet growth sets compute's pace and is a single point of failure for the whole path.

Evidence 1 passage

• groundsSource document

  EUV is extremely hard to scale on short notice given the complexity of the machines and extensive supply chain dependencies, so we expect it to be the most important and informative bottleneck.

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