AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Thematic (Sector/Industry)

<ul><li>Nvidia's B200, one of the chips behind today's AI boom, is designed in California but built by dozens of companies in at least five countries.</li><li>Some of those suppliers could be swapped out in months.</li><li>Others would take years, because a replacement needs new factories or years of testing before anyone trusts it.</li></ul>

Nvidia's B200, one of the chips behind today's AI boom, is designed in California but built by dozens of companies in at least five countries.Some of those suppliers could be swapped out in months.Others would take years, because a replacement needs new factories or years of testing before anyone trusts it.

Nobody makes an Nvidia B200 alone, and the weak links are measured in years

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>Almost every advanced AI chip, whoever designs it, is made by one company, TSMC, mostly in Taiwan.</li><li>Its chief executive says those factories, not electricity, are what limits AI today, and the company's own numbers show why: a new chip factory takes years to build and more years to fill.</li><li>That is a fair point, and it changes how long I think the chip side of the shortage lasts.</li></ul>

Almost every advanced AI chip, whoever designs it, is made by one company, TSMC, mostly in Taiwan.Its chief executive says those factories, not electricity, are what limits AI today, and the company's own numbers show why: a new chip factory takes years to build and more years to fill.That is a fair point, and it changes how long I think the chip side of the shortage lasts.

TSMC's chief says the AI bottleneck is its factories, not the power grid

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

<ul><li>In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation with PKO Bank • E-commerce & Logistics | EU approves major customs overhaul targeting e-commerce parcel surge</li></ul>

In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation with PKO Bank • E-commerce & Logistics | EU approves major customs overhaul targeting e-commerce parcel surge

What's News in Amsterdam - 8 September (ASML/TSMC | Allegro | E-commerce & Logistics)

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

<ul><li>Dan Loeb is the founder and CEO of Third Point , the New York-based investment firm he launched in 1995.</li><li>Known for his event-driven and activist investing, Loeb has built Third Point into a prominent multi-strategy investment firm.</li><li>As of June 30, 2026, Loeb’s disclosed U.S. equity portfolio totaled $4.68 billion across 39 holdings. </li></ul>

Dan Loeb is the founder and CEO of Third Point , the New York-based investment firm he launched in 1995.Known for his event-driven and activist investing, Loeb has built Third Point into a prominent multi-strategy investment firm.As of June 30, 2026, Loeb’s disclosed U.S. equity portfolio totaled $4.68 billion across 39 holdings. 

Dan Loeb Portfolio: Third Point Top Holdings (Q2 2026)

<ul><li>Ajinomoto, the Japanese company best known for seasoning, makes a thin film that sits between the layers of wiring under nearly all high-performance computer processors, by its own account.</li><li>AI chips sit on ever bigger and thicker bases, so by my reading each one needs more of that film than the chip before it.</li><li>Chipmakers rarely switch to a rival film, because testing a new one takes a long time, and that keeps the growth with Ajinomoto.</li></ul>

Ajinomoto, the Japanese company best known for seasoning, makes a thin film that sits between the layers of wiring under nearly all high-performance computer processors, by its own account.AI chips sit on ever bigger and thicker bases, so by my reading each one needs more of that film than the chip before it.Chipmakers rarely switch to a rival film, because testing a new one takes a long time, and that keeps the growth with Ajinomoto.

As AI chip packages grow, Ajinomoto's insulating film grows with them

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Nobody makes an Nvidia B200 alone, and the weak links are measured in years

Nvidia's B200, one of the chips behind today's AI boom, is designed in California but built by dozens of companies in at least five countries.

The Physical Layer

TSMC's chief says the AI bottleneck is its factories, not the power grid

Almost every advanced AI chip, whoever designs it, is made by one company, TSMC, mostly in Taiwan. Its chief executive says those factories, not...

The Physical Layer

What's News in Amsterdam - 8 September (ASML/TSMC | Allegro | E-commerce & Logistics)

In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation...

The IDEA!

Dan Loeb Portfolio: Third Point Top Holdings (Q2 2026)

Known for his event-driven and activist investing, Loeb has built Third Point into a prominent multi-strategy investment firm.

Hedge Fund Alpha

As AI chip packages grow, Ajinomoto's insulating film grows with them

Ajinomoto, the Japanese company best known for seasoning, makes a thin film that sits between the layers of wiring under nearly all...

The Physical Layer

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