The bottlenecks of AI structure. Part 1

Everyone is staring at Nvidia's GPU architecture. But the real reason for Nvidia's dominance lies in its control over physical limitations. To understand whether this rally is sustainable, one must look beyond the chips themselves and understand the bottlenecks that Nvidia is currently solving for the entire industry.

1. The "Stacking Dilemma" (Advanced Packaging)
   Nvidia's performance leaps no longer come solely from smaller transistors, but from 3D stacking. HBM memory and logic dies are stacked on top of each other in towers.

The strategy: The more complex these towers become, the more crucial the "assembly" process (OSAT – Outsourced Semiconductor Assembly and Test) becomes.

The logic: Whoever possesses the machines and the capacity to precisely stack these chips holds the key to production. Without this packaging, Nvidia's designs remain purely theoretical.

1. Zero-Defect Tolerance (Metrology & Inspection)

Stacking chips creates a huge risk: If an internal layer is defective, the entire module is scrap. With a Blackwell chip, we're talking about enormous sums of money.

The strategy: Optical and acoustic chip testing has gone from a peripheral issue to the heart of the factory.

The logic: I pay close attention to the companies that supply the measuring instruments needed to find defects in stacked chips at the nanometer scale. Without their "eyes," TSMC cannot guarantee the yield for Nvidia.

1. The Energy Constraint in the Rack
   Nvidia no longer sells components, but complete power systems. A modern rack now requires the power supply of an entire small town.

The strategy: The switch to direct liquid cooling and high-precision power conversion systems is vital for Nvidia's survival. The logic: If the power supply in the rack fluctuates, the AI ​​model crashes. Nvidia is working with partners who provide critical components for voltage control and thermal monitoring.

Conclusion for Part 1:

Nvidia is the architect, but the blueprint only works if the specialists in packaging, testing, and power infrastructure deliver. Identifying these "enablers" reveals the true foundation of Nvidia's success.

In Part 2, we'll look at why institutional investors like Vanguard are building precisely these infrastructure assets behind the scenes, while the general public is still debating the software.