HBM

From “What’s the next AI stock?” to “Where’s the next bottleneck, who gets paid, and what would prove us wrong?” Sinclair Huang This essay helps answer four practical questions:- Which AI themes are real constraints rather than just attractive stories? - Who can capture gross margin when a constraint binds? - How long might the bottleneck last before capacity, substitution, or efficiency relieves it? - What evidence would prove the thesis wrong? ...

Why is everyone suddenly talking about CoWoS, HBM, and ABF whenever AI, NVIDIA, or AI servers come up? Many people know they are important, but still get stuck the first time they run into these terms. This essay is a plain‑language walkthrough of what they actually are, why they are always mentioned together, and how they map onto Taiwan’s role in the global AI supply chain. When Google, Amazon, and Tesla are all designing their own chips, is Taiwan’s manufacturing ecosystem still structurally important — or just enjoying a temporary window? ...