Hugh Lam

But again, you're missing the broader ecosystem and those hardware companies have arguably done just as well, if not even better.

So just some parallels to other industries might help.

Yeah, I would say it would be TSMC.

So that's Taiwan Semiconductor for those who don't know TSMC.

What they do is they effectively are a foundry company.

So they build chips, typically advanced chips for designers like NVIDIA, right?

And so TSMC has effectively captured that market.

It's a company founded by a guy called Morris Chang in Taiwan.

And they effectively have a monopoly over these semiconductors.

And as we know, they're so important for AI model training.

And so we've seen TSMC really rise to the forefront.

And they're such a massive driver of the local Taiwanese economy.

They are the only sort of guys that are really, really capable of building

these chips with two nanometer nodes effectively.

And so they're benefiting from these massive tailwinds in the AI ecosystem.

But again, Morris has built such a specialized, efficient team within Taiwan because all they do is they just focus on manufacturing.

Compare that to another company like Intel.

They've arguably had some faults within their foundry business because when you're tired designing and manufacturing together, you can often lose sight on what's important.

And so, yeah, I think Taiwan Semiconductor is one of the best businesses I've found for me.

I'm reading a book called Geopolitical Alpha at the moment.