Bottleneck file
Substrates
A finished design still depends on qualified substrates and companion inputs; the narrowest layer can govern shipment volume.
Control questions
What the diligence has to answer
- Is the commitment category separable?
- Which supplier is qualified?
- Is a second source production-ready?
- Who carries cancellation risk?
Governed evidence
Current claim set
AMD disclosed approximately $12.166 billion of unconditional commitments at December 27, 2025.
Caveat. Commitments include wafers/substrates and non-manufacturing items.
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.