Methodology: layers follow the physical path a token takes — wafer to package to rack to grid to tenant. The
bottleneck score ranks how supply-constrained each layer is at the current buildout
rate — capacity concentration, lead times, and share of system cost, not company quality. Three layers run at 5/5
simultaneously; that is the point. The bottleneck doesn't disappear when one layer catches up — it migrates.
Company lists are representative, not exhaustive. All layer framing, scores, and takes are BEP Research.
DISCLOSURE — Long NVDA, LITE, CRDO, TSEM, LSCC, ALAB, WOLF, ORCL (2027 LEAPS), BE.
Positions flagged in the map. This is research, not investment advice. Do your own work.
BEP ResearchResearch tools