The Chip Trilogy: Why One Dutch Company, One Taiwanese Foundry, and a Handful of Fabless Designers Run the Entire Semiconductor Industry
Semiconductors split long ago into designers, foundries, and equipment makers — and understanding which layer a company sits in explains its margins, its capex risk, and its moat far better than any single earnings print. A look at how TSMC, ASML, and the fabless model actually work.