Wertschöpfungsketten-Themen

The full value flow from EDA, chips and fabrication through to cloud, foundation models and end applications

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AI infrastructure's next bottleneck is shifting from 'chips' to 'power': from natural gas and uranium, to gas turbines, nuclear/SMRs, transformers and subsea cables, energy storage, and finally getting electrons into the data hall, who controls the master switch on powering up compute

WEKLCLGE7OSX+147

Gold, silver, PGMs: the full value flow from the exploration mine face through refining, royalties, trading and end demand

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The bottleneck isn't the fast-improving AI brain, it's the robot's 'body': reducers, screws, motors, force sensing, full machines, and who supplies the parts every OEM has to buy

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Targeted / immuno / cell / gene / nucleic-acid / radiopharmaceuticals: a map of the frontier therapies attacking high-unmet-need diseases, with the global and Chinese players building them

A4P66MB9GLIC+96

AI has caused an explosion of drug candidates, shifting the bottleneck from 'can't think of a drug' to 'can't validate fast enough, can't manufacture fast enough.' This theme runs the full chain from molecular design through validation capacity and biomanufacturing out to the end drug companies, with the focus on the shared chokepoints that help everyone validate and scale (at the design and finished-product ends, by contrast, the players are many and compete each other's margins away).

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Companies that own a narrow track, ranking first or top-three globally and holding real pricing power: niche champions in critical links of the chain. The framing follows Hermann Simon's "hidden champions," but relaxes his size and obscurity thresholds (no cap on size, no requirement to stay low-profile). What counts is how narrow the track is and how deeply entrenched the position, laid out across eight functional domains.

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From TSMC, HBM and optical networking to power and cooling, cloud and software, out to the partners NVIDIA has invested in directly and named on the GTC stage: how a single AI factory threads the entire value chain

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From specialty materials, propulsion and chips to autonomous-combat software, military platforms, loitering munitions and counter-drone systems: how the value of an unmanned future battlefield is distributed along the chain

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From materials, propulsion and satellite-borne chips to Starlink applications and equity vehicles: how a single IPO transmits value down the chain

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From base-layer chains, miners, and mining rigs to exchanges, stablecoins, treasuries, and ETFs: how the value of a single digital asset spreads along the chain, and who controls the master valves of seigniorage and hashrate

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From subsea data arteries to deep-sea resources and blue food: how AI bandwidth, geopolitical cable cuts, deep-sea minerals, and ocean protein spread along the chain, and who holds the chokepoints to the sea

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A retail "optical-comms bottleneck hunter" abroad and her five-factor framework, plus the chokepoint names she has called out publicly across industries

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From uranium ore to spent fuel to medical isotopes: the conversion / enrichment / HALEU / fuel / reprocessing / decommissioning / isotope chokepoints the nuclear revival cannot route around

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