Research note
AI infrastructure: where scarcity actually accumulates
A practical map from GPU to HBM, packaging, optics and power.
Updated 04 Sep 2026AGI RESEARCH SYSTEM + HUMAN REVIEW
Compute is a system
A useful cluster includes silicon, memory, networking, software, power and cooling.
Scarcity migrates
More wafers may move the bottleneck into packaging, HBM, optics or grid connection.
Revenue is not durability
Sustainable moats come from IP, yield learning, qualification, installed base and switching costs.