Semiconductor Supply Chain
The detailed semiconductor value chain, showing where the fund's silicon holdings sit + on what they depend. Companion: AI Supply Chain Map, Semiconductors.
The Full Chain (with PCA SOF holdings in bold)#
1. EDA + IP Synopsys, Cadence, Arm (not held)
2. EQUIPMENT ASML (EUV), Applied Materials, (not held)
Lam, Tokyo Electron,
**Disco Corporation** (dicing/grinding/packaging)
3. MATERIALS Wafers (Shin-Etsu/SUMCO), (not held)
photoresist, specialty gases
4. FOUNDRY/FAB **TSMC** (leading-edge), Samsung, Intel (not held)
5. CHIP DESIGN (fabless) **NVIDIA** (GPU),
**Marvell Technology** (networking/ASIC)
6. MEMORY (IDM) **Micron Technology** (DRAM/NAND/HBM),
SK Hynix, Samsung (not held)
7. ADVANCED PACKAGING TSMC CoWoS/SoIC, OSATs (Disco tools used here)
8. SYSTEMS/OEM NVIDIA systems, ODMs
9. END BUYERS **Hyperscalers** (MSFT/AMZN/GOOGL/META)
Where Each Holding Sits + Depends#
| Holding | Layer | Depends upstream on | Sells downstream to | |, -|, -|, -|, -| | Disco Corporation | Equipment | Precision components (internal IP) | TSMC, Micron Technology, OSATs | | TSMC | Foundry | ASML EUV (chokepoint), AMAT/Lam/TEL, Disco Corporation, wafers | NVIDIA, Marvell Technology, hyperscaler silicon | | NVIDIA | Fabless design | TSMC (fab), Micron Technology (HBM), CoWoS packaging | Hyperscalers | | Marvell Technology | Fabless design | TSMC (fab) | Hyperscalers (ASIC/optics) | | Micron Technology | Memory IDM | Equipment incl. Disco Corporation, ASML; own fabs | NVIDIA, hyperscalers |
The Chokepoint Stack (most → least concentrated)#
- EUV lithography, ASML (a literal monopoly; not held, but TSMC's critical dependency). A systemic risk to the whole chain.
- Leading-edge foundry, TSMC (the held chokepoint). → Taiwan Strait Risk.
- Advanced packaging, TSMC CoWoS (gates NVIDIA supply; uses Disco Corporation tools).
- HBM, Micron Technology/Hynix/Samsung (3 suppliers).
- Dicing/grinding, Disco Corporation (~70-80% share niche monopoly).
The fund owns four of the five held-able chokepoints (TSMC, Micron, Disco, + the GPU design layer NVIDIA), deliberate concentration in the points of maximum pricing power.
Geopolitical Geography Of The Chain#
| Node | Location | Risk | |, -|, -|, -| | EUV (ASML) | Netherlands | Export-control leverage | | Leading-edge fab (TSMC) | Taiwan | Taiwan Strait Risk, the systemic tail | | Memory (Micron Technology) | US/Taiwan/Japan/Singapore | China sales restrictions | | Equipment (Disco Corporation) | Japan | China export controls | | Packaging | Taiwan/Asia | Concentration |
The chain is Asia-centric + Taiwan-pivotal: the fund's largest cross-cutting geopolitical exposure. → Geopolitical Risk, Overlap & Diversification Map.
Linked Notes#
- AI Supply Chain Map · Semiconductors · The AI Value Chain
- Holdings: Disco Corporation · TSMC · NVIDIA · Marvell Technology · Micron Technology
- Risk: Taiwan Strait Risk · Geopolitical Risk · Memory Cycle Risk · Knowledge Graph