Bottleneck file
Leading-edge wafers
When qualified leading-edge capacity is concentrated, allocation itself becomes a strategic asset.
Control questions
What the diligence has to answer
- Who has durable allocation?
- What is owned versus contracted?
- How portable is the design?
- Which period and source define concentration?
Governed evidence
Current claim set
NVIDIA disclosed $119 billion of manufacturing, supply, and capacity commitments at April 26, 2026.
Caveat. Keep separate from cloud, investment, and other vendor commitments.
Open source
TSMC planned $52 billion to $56 billion of capital expenditure in 2026.
Registry exception. The supplied registry labels this claim Corroborated but provides one source. Independent corroboration remains pending; the original state is preserved rather than silently rewritten.
Caveat. Update after future earnings reports.
Open source
TrendForce estimated TSMC had 70.2% of global foundry revenue in Q2 2025.
Caveat. Revenue share estimate, not advanced-node wafer share.
Open source
The strongest semiconductor businesses own the bottleneck, finance it, or control it through contracts that survive scarcity.
Caveat. Editorial synthesis, not a quoted fact.