Tyler Crowe

Alphabet said they want to do it.

I think Meta's even mentioned it.

Tesla has floated the idea of the TeraFab.

It all sounds ambitious, and I understand why.

But one of the things I think about with the semiconductor industry is that, yes, building fabs is nice and new.

It definitely increased production.

But also, there are bottlenecks behind the bottlenecks, right?

You have companies like ASML, Lamb Research, as well as KLA Corporation.

These companies that we think of like...

the bottleneck, it's like, oh, Taiwan Semi or Intel, they're like the only game in town in terms of chip manufacturing.

Well, ASML is the only game in town when it is the equipment to make the chip factories.

And I'm very curious when I hear these companies saying, we're going to do this, that they're all going to have to put in orders with these chip manufacturing equipment companies.

And I do wonder to Arm's ambitious goals,

How long are they going to have to wait in line for this equipment?

How long is it going to take to build out?

We've been talking about cost inflation and things like that.

And I bring this up specifically because I've been thinking about this a lot lately, that as much as this is an explosive growth and we have, you know, AI infrastructure basically finding any chip that they can find, whether it's, you know,

reused crypto mining or whatever.

It seems like whatever spare parts or compute power we can get their hands on, they're going to use it.

But it is still a cyclical industry.