Spot on, @regularwang. Much like the EUV consortium days, long-term capex comm… · @LIWEI_TWCapital · TwKit

@LIWEI_TWCapital

Spot on, @regularwang. Much like the EUV consortium days, long-term capex commitments anchor the cycle through macro noise. When powered capacity scales faster than foundry output, upstream bottlenecks return. Yet, structural AI demand still coexists with neoclouds' fragile debt structures and looming refinancing walls.

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