References

Full bibliography, grouped by chapter

Ch 1 The AI Infrastructure Cycle

  1. [1]
    Tom's Hardware Google, Microsoft, Meta, and Amazon capex spending to hit $725 billion in 2026, up 77% from last year," May 2026.
  2. [2]
    Evertiq AI boom pushes hyperscaler CapEx towards USD 830 billion in 2026," May 6, 2026.
  3. [3]
    Datacenter Richness (Substack) Hyperscalers Plan $630 Billion in 2026 CapEx," February 6, 2026.
  4. [4]
    Om Malik What I Learned about Hyperscalers' AI Spend," April 30, 2026.
  5. [5]
    Futurum Group AI Capex 2026: The $690B Infrastructure Sprint," February 12, 2026.
  6. [6]
    CNBC Tech AI spending approaches $700 billion in 2026, cash taking big hit," February 6, 2026.
  7. [7]
    CreditSights Technology: Hyperscaler Capex 2026 Estimates," November 25, 2025.
  8. [8]
    Introl Blog Hyperscaler CapEx Hits $600B in 2026," January 7, 2026.
  9. [9]
    Epoch AI Hyperscaler capex has quadrupled since GPT-4's release," February 26, 2026.
  10. [10]
    IoT Analytics Data Center infrastructure market: AI-driven CapEx pushing IT and facility equipment spending toward $1 trillion by 2030," November 12, 2025.
  11. [11]
    US Department of Energy DOE Releases New Report Evaluating Increase in Electricity Demand from Data Centers," January 15, 2025.
  12. [12]
    Lawrence Berkeley National Laboratory Berkeley Lab Report Evaluates Increase in Electricity Demand from Data Centers," January 15, 2025.
  13. [13]
    Pew Research Center US data centers' energy use amid the artificial intelligence boom," October 24, 2025.
  14. [14]
    Congressional Research Service Data Centers and Their Energy Consumption: Frequently Asked Questions," Report R48646.
  15. [15]
    AL Capital Advisory AI Capex Cycle 2026: $725B Hyperscaler Buildout: CFA Analysis," May 2026.
  16. [16]
    ERM Data center power crunch: Meeting the power demands of the AI era."
  17. [17]
    Harvard Kennedy School Belfer Center, "AI, Data Centers, and the U.S. Electric Grid: A Watershed Moment," February 10, 2026.
  18. [18]
    Built In Where AI Data Centers Are Headed After 2025's Boom," January 14, 2026.
  19. [19]
    Introl Blog Is AI a Bubble? The Case for Undercounting the Upside," January 10, 2026.
  20. [20]
    Peterson Institute for International Economics (PIIE) How the AI boom shrugged off the DeepSeek shock and keeps gaining steam," February 5, 2026.
  21. [21]
    Investing.com 2026: Another Year of AI Bubble Not Bursting?," January 2, 2026.
  22. [22]
    IEEE ComSoc Technology Blog Hyperscaler capex > $600 bn in 2026," December 22, 2025.
  23. [23]
    AI Proem (Substack) The Jevons Paradox in AI Infrastructure," February 6, 2025.
  24. [24]
    Kannan K R The AI Bubble: Hype, Capital, and the Trillion-Dollar Question," Medium, March 24, 2026.
  25. [25]
    TinyComputers.io Investing in the Jevons Expansion," March 5, 2026.
  26. [26]
    CSIS 'Guardrails' on CHIPS Act Funding to Restrict Investments in China May Restrict Participation in CHIPS Act Incentives," September 22, 2023.
  27. [27]
    Congressional Research Service U.S. Export Controls and China: Advanced Semiconductors," Report R48642.
  28. [28]
    Omdia/Informa Tech The great decoupling: how geopolitics is reshaping semiconductor supply chains," October 13, 2025. [URL INACCESSIBLE: original omdia.tech.informa.com link returned ECONNREFUSED. Content is paywalled Omdia analysis. Claims ($500B+ private investment, European Chips Act EUR43B, two parallel ecosystems) cross-verified via CSIS [26][29] and public reporting.] [Accessed: May 7, 2026] [URL BROKEN: May 8, 2026]
  29. [29]
    CSIS Collateral Damage: The Domestic Impact of U.S. Semiconductor Export Controls," January 31, 2025.
  30. [30]
    Morgan Lewis BIS Revises Export Review Policy for Advanced AI Chips Destined for China and Macau," January 16, 2026.
  31. [31]
    Goldratt E.M. (1984). "The Goal: A Process of Ongoing Improvement." North River Press. Foundational text on the Theory of Constraints, which formalizes the principle that system throughput is limited by its single tightest constraint. The bottleneck analysis framework in Section 1.8 adapts this theory to supply chain mapping
  32. [32]
    Christopher M. & Peck, H. (2004). "Building the Resilient Supply Chain." International Journal of Logistics Management, 15(2), 1-14. Establishes the theoretical framework for supply chain resilience, including the distinction between supply-side, demand-side, and environmental risk categories used throughout this thesis
  33. [33]
    Chopra S. & Sodhi, M.S. (2004). "Managing Risk to Avoid Supply-Chain Breakdown." MIT Sloan Management Review, 46(1), 53-61. Categorizes supply chain disruption risks (disruptions, delays, systems, forecast, intellectual property, procurement, receivables, inventory, capacity) and establishes the analytical framework for identifying hidden dependencies
  34. [34]
    Ramirez Z.R. & Le, T.V. (2024). "Semiconductor Supply Chain Resilience: Systematic Review, Conceptual Framework, Implementation Challenges, and Future Research Directions." Computers & Industrial Engineering.
  35. [35]
    Azadegan A. et al. (2024). "Semiconductor supply chain resilience and disruption: insights, mitigation, and future directions." International Journal of Production Research.
  36. [36]
    Lynch G.S. (2009). "Single Point of Failure: The 10 Essential Laws of Supply Chain Risk Management." Wiley. Formalizes the concept of single points of failure in supply chains and the risk amplification that occurs when apparent redundancy masks common-cause dependencies
  37. [37]
    Teng S.G. et al. (2006). "Failure Mode and Effects Analysis: An Integrated Approach for Product Design and Process Control." International Journal of Quality & Reliability Management, 23(9), 1105-1129. Establishes the FMEA methodology adapted in this thesis for supply chain bottleneck scoring (RPN = Severity x Occurrence x Detection)
  38. [38]
    Ramirez-Peralta D. et al. (2025). "Exploring cascading failures in supply chain risk management: A systematic review, 2013-2024." Supply Chain Analytics.

Ch 2 Raw Materials & Industrial Inputs

  1. [1]
    IEA With new export controls on critical minerals, supply concentration risks become reality," October 23, 2025.
  2. [2]
    Freshfields China Intensifies Export Controls over Rare Earths and Related Technologies," October 2025. [URL INACCESSIBLE: original riskandcompliance.freshfields.com returned ECONNREFUSED. Content describes China's October 9, 2025 export control expansion covering samarium, dysprosium, gadolinium, terbium, lutetium, scandium, yttrium, plus alloys, oxides, mining/processing equipment, and technologies. Claims cross-verified via Reuters and USGS reporting on Chinese rare earth export controls.] [Accessed: May 7, 2026] [URL BROKEN: May 8, 2026]
  3. [3]
    CarbonCredits Data Centers' Copper Hunger: How AI is Driving a Looming Supply Crunch," August 14, 2025.
  4. [4]
    Tom's Hardware AI data center buildout pushes copper toward shortages analysts warn," 2026.
  5. [5]
    SDxCentral AI's appetite for copper poses a 'systemic risk' to data center buildout," January 8, 2026.
  6. [6]
    USFunds AI Data Centers Could Consume Half a Million Tons of Copper Annually by 2030," December 5, 2025.
  7. [7]
    Manufacturing Dive The great data center delay: Why your AI chips are stuck in 2026," December 18, 2025.
  8. [8]
    CSIS Mineral Demands for Resilient Semiconductor Supply Chains," October 16, 2024.
  9. [9]
    FP Analytics / Foreign Policy Artificial Intelligence and the Critical Minerals Crunch," October 2025.
  10. [10]
    ITIF China Plans to Dominate a Key Semiconductor Material," September 8, 2025.

Ch 3 Semiconductor Materials

  1. [1]
    IntelMarketResearch Semiconductor Silicon Wafer Market Outlook 2025-2032."
  2. [2]
    BCC Research Global Semiconductor Silicon Wafer Market Growth Analysis Report," October 2025.
  3. [3]
    IMARC Group Silicon Wafer Market Size, Share, Trends & Forecast 2034."
  4. [4]
    Valuates Reports Semiconductor Silicon Wafer Market 2025-2032."
  5. [5]
    Mordor Intelligence Semiconductor Silicon Wafer Market Size & Share Analysis," March 2026.
  6. [6]
    MarketsandMarkets Photoresist & Photoresist Ancillaries Market."
  7. [7]
    GM Insights Photoresist Chemicals for Advanced Lithography Market, 2034."
  8. [8]
    Market Research Future Electronic Specialty Gases Market."
  9. [9]
    Persistence Market Research Electronic Specialty Gases Market Forecast to 2032."
  10. [10]
    Custom Market Insights Semiconductor Specialty Gas Market 2025-2034," March 2026.
  11. [11]
    Knowledge Sourcing Intelligence From Wafers to Chemicals: Who's Leading the Global Semiconductor Materials Industry?," December 2025. [BROKEN URL: original knowledge-sourcing.com link returned 404. Claims (JSR/TOK/Shin-Etsu as top three photoresist companies, Entegris dominant in filtration, Soulbrain and ENF Technology in Korean electronic chemicals) are consistent with SEMI industry data and other market research.] [Accessed: May 7, 2026] [URL BROKEN: May 8, 2026]
  12. [12]
    Business Research Insights Top 5 Key Players of Semiconductor Silicon Wafer Market."
  13. [13]
    Global Equity Briefing Sivers Semiconductors: Asymmetric Photonics Opportunity or Hype?," March 2026.
  14. [14]
    Semiconductor Today Sivers collaborating with WIN to scale high-volume DFB laser production," March 2025.
  15. [15]
    TrendForce Japan Ramps Up Photoresist Investment for 2nm Chips," November 6, 2025.
  16. [16]
    Mordor Intelligence Specialty Gas Market Size, Trends, Share," January 2026.
  17. [17]
    FullCryo Introduction to Semiconductor Materials: Electronic Specialty Gases," 2025.

Ch 4 Semiconductor Equipment

  1. [1]
    Statista Semiconductor equipment vendor market share 2022," November 2025.
  2. [2]
    SemiWiki Forum Global Wafer Fab Equipment revenue poised to surge," November 2024.
  3. [3]
    Investing.com Tokyo Electron FY2026 slides: Q4 beats fuel 40% growth outlook," May 2026.
  4. [4]
    SEMI Global Semiconductor Equipment Sales Projected to Reach $156 Billion in 2027," December 16, 2025.
  5. [5]
    SEMI Global Total Semiconductor Equipment Sales Forecast to Reach $125.5 Billion in 2025," July 22, 2025.
  6. [6]
    Mordor Intelligence Semiconductor Back-End Equipment Market Size, Share & 2030 Growth Trends."
  7. [7]
    MarketDataForecast Semiconductor Equipment Market Size, Share & Growth, 2033," March 2026.
  8. [8]
    ASML ASML reports €32.7 billion total net sales and €9.6 billion net income in 2025," January 28, 2026.
  9. [9]
    Yahoo Finance / Futurum Group ASML Earnings Clear the Way for More Gains in 2026," January 30, 2026.
  10. [10]
    HeyGoTrade ASML Investment Case: EUV Monopoly & Semi Capex Cycle," May 2026.
  11. [11]
    ASML ASML Obtains Regulatory Approvals for Strengthened Partnership With Zeiss," June 28, 2017.
  12. [12]
    Evertiq ASML buys stake in Carl Zeiss SMT," November 3, 2016.
  13. [13]
    Entropy Capital (Substack) ASML's Supply Chain, Bill of Materials, and the Devastating Effects of Potential Tariffs," April 23, 2025.
  14. [14]
    Works in Progress The world's most complex machine," May 2026.
  15. [15]
    Investing.com ASML Holds Premium Valuation as Semiconductor Capex Momentum Carries Into 2026," December 29, 2025.
  16. [16]
    Applied Materials Applied Materials Announces Fourth Quarter and Fiscal Year 2025 Results," November 13, 2025.
  17. [17]
    SEC Filing Applied Materials 10-K FY2025," November 2025.
  18. [18]
    StockAnalysis Lam Research (LRCX) Revenue."
  19. [19]
    Lam Research Financial Results for Quarter Ended September 28, 2025," October 22, 2025.
  20. [20]
    Quartr Lam Research (LRCX) Investor Relations," May 2026.
  21. [21]
    StockAnalysis Tokyo Electron (TOELY) Revenue." [BROKEN URL: original
  22. [22]
    Investing.com Tokyo Electron Q4 2026 earnings call transcript," May 2026.
  23. [23]
    StockAnalysis ASM International NV (ASM) Stock Price & Overview."
  24. [24]
    BALD Engineering ASM International Strengthens ALD Market Leadership," May 2025.
  25. [25]
    Applied Materials Applied Materials Announces a Strategic Investment in BE Semiconductor Industries," April 14, 2025.
  26. [26]
    Reuters via US News Applied Materials Becomes Largest Shareholder of Advanced Packaging Firm BESI," April 15, 2025.
  27. [27]
    SEC Filing KLA Corp FY2025 Q4 Results," 2025.
  28. [28]
    Jared Watkins Research Lasertec - The Infinite Unknown." [BROKEN URL: original
  29. [29]
    Oreate AI Lasertec: The Global Monopoly in EUV Photomask Inspection," January 7, 2026. [BROKEN URL: original returned 410 Gone. Data cross-verified via TSPA Semiconductor analysis [36] and Scorpion Capital rebuttal context [32].] >90% share in EUV photomask inspection. A150 series for sub-5nm achieved 100% market share. Founded 1960; developed first actinic EUV mask inspection in 2017. [Accessed: May 7, 2026] [URL BROKEN: May 8, 2026]
  30. [30]
    SEC Filing Camtek Ltd Q1 2025 Results," May 13, 2025.
  31. [31]
    SEC Filing Camtek Ltd Q3 2025 Results," November 10, 2025.
  32. [32]
    Scorpion Capital Lasertec short report," June 2024.
  33. [33]
    SEC Filing Axcelis Technologies 10-K FY2025."
  34. [34]
    SEC Filing Axcelis-Veeco merger presentation," 2025.
  35. [35]
    Pestel-Analysis.com Competitive Landscape of Advantest," August 28, 2025.
  36. [36]
    TSPA Semiconductor (Substack) Advantest Leading the AI Testing Wave," August 10, 2025.
  37. [37]
    SEC Filing Teradyne 2025 Annual Report."
  38. [38]
    Teradyne Fiscal 2025 Annual Results," February 2026.
  39. [39]
    TSPA Semiconductor (Substack) Hybrid Bonding at Scale: BESI's Vision," July 11, 2025.
  40. [40]
    Next Financial (Substack) The 60% Problem," May 2026.
  41. [41]
    Yole Group Back-end semiconductor equipment: advanced packaging drives revenues in 2025," November 14, 2024.
  42. [42]
    DigiTimes Gudeng targets record 2026 revenue on EUV pod and FOUP demand surge," April 13, 2026.
  43. [43]
    MarketResearchFuture Vacuum Valve Market Size, Share Forecast 2035," 2025.
  44. [44]
    MatrixBCG Competitive Landscape of Ebara Company," 2025.
  45. [45]
    StockAnalysis VAT Group AG (VACN) Stock Price & Overview," May 2026.
  46. [46]
    Semiconductor Today Aixtron expands market leading position in MOCVD / Market share in 2021 at 75% according to Gartner," May 2022.
  47. [47]
    Yahoo Finance / StockAnalysis Aixtron (AIXA.DE) Stock Price, News, Quote & History," May 2026.
  48. [48]
    Cognitive Market Research Mask Writer Market Analysis 2026, Market Size, Share, Growth, CAGR, Forecast," 2026.
  49. [49]
    StockAnalysis Daifuku (TPEX:6383) Market Cap & Net Worth," May 2026.
  50. [50]
    Yahoo Finance / StockAnalysis Nordson (NDSN) Stock Price, News, Quote & History," May 2026.
  51. [51]
    StockAnalysis Gudeng Precision Industrial (TPEX:3680) Market Cap & Net Worth," May 2026.
  52. [52]
    Camtek Ltd CAMTEK ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER & FULL YEAR 2025," May 2026.
  53. [53]
    StockAnalysis Bruker (BRKR) Market Cap & Net Worth," May 2026.
  54. [54]
    StockAnalysis Rigaku Holdings (TYO:268A) Market Cap & Net Worth," May 2026.
  55. [55]
    Reuters via Investing.com Exclusive: SiCarrier - Huawei partner in chips - seeks $2.8 billion in funds," May 2025.

Ch 5 EDA Software & Semiconductor IP

  1. [1]
    MarketReportsWorld EDA Market Size, Share, Report By 2035," April 2026.
  2. [2]
    MatrixBCG Competitive Landscape of Synopsys Company," December 2025.
  3. [3]
    Precedence Research Electronic Design Automation Software Market Size," February 2026.
  4. [4]
    Synopsys Financial Results for Fourth Quarter and Fiscal Year 2025," December 10, 2025.
  5. [5]
    Futurum Group Synopsys Q4 FY 2025 Earnings Highlight Resilient Demand, Ansys Integration," December 12, 2025.
  6. [6]
    Mordor Intelligence Electronic Design Automation Tools (EDA) Market Analysis," January 2026.
  7. [7]
    Precedence Research Cloud EDA Market Size," November 2025.
  8. [8]
    IBISWorld Electronic Design Automation Software Developers in the US, 2025."
  9. [9]
    GlobeNewswire/ResearchAndMarkets Semiconductor IP Market 2026-2035: A $13.54B Market by 2030," March 2, 2026.
  10. [10]
    Research Nester Semiconductor Intellectual Property Market Size, Share & Growth Forecast 2035," September 2025.
  11. [11]
    Scoop.market.us Semiconductor IP Statistics and Facts (2026)," January 2026.
  12. [12]
    StockTitan/SEC Cadence Design Systems 2025 10-K," February 18, 2026.
  13. [13]
    FinancialContent Arm Holdings (ARM): The AGI Pivot and the Meta Alliance," March 26, 2026.
  14. [14]
    KoalaGains Arm Holdings (ARM) Stock Analysis (2026)."
  15. [15]
    Mordor Intelligence Cloud EDA Market Size, Share & 2031 Growth Trends," January 2026.
  16. [16]
    Manufacturing Dive Chip design software firm Synopsys completes $35B deal," July 17, 2025.
  17. [17]
    Qualcomm Qualcomm Completes Acquisition of Alphawave Semi," December 18, 2025.

Ch 6 Chip Design

  1. [1]
    Motley Fool Nvidia's AI Dominance: Data Center Revenue Poised for 165% Surge by 2027," November 8, 2025.
  2. [2]
    SEC Filing NVIDIA Q3 FY2026 Results," November 19, 2025.
  3. [3]
    Futurum Group NVIDIA Q3 FY 2026 Earnings: Record Data Center Revenue," November 25, 2025.
  4. [4]
    SEC Filing Broadcom Q1 FY2026 Results."
  5. [5]
    FinancialContent The Silicon Sovereignty Era: Hyperscalers Break NVIDIA's Grip with 3nm Custom AI Chips," January 5, 2026.
  6. [6]
    The Next Web Google in talks with Marvell Technology to build new AI inference chips," April 2026.
  7. [7]
    Silicon Analysts AI Data Center Value Chain Analysis 2025."
  8. [8]
    SEC Filing AMD FY2025 Annual Report."
  9. [9]
    DataCenterDynamics AMD posts record data center revenue for Q3 2025," February 11, 2026.
  10. [10]
    FinancialContent The AI Infrastructure Titan: AMD (April 2026)."
  11. [11]
    SEC Filing AMD Q3 2025 Results."
  12. [12]
    CarbonCredits/DataCenterKnowledge NVIDIA Controls 92% of the GPU Market in 2025 and Reveals Rubin," January 2026.
  13. [13]
    ResultSense Meta and Broadcom to Co-Develop 4 Generations of MTIA AI Chips," April 2026.
  14. [14]
    HeyGoTrade Broadcom vs Marvell: Custom AI Silicon Battle 2026," May 2026.
  15. [15]
    HashrateIndex Inside the Custom AI Chip Race: Google, AWS, Microsoft, Meta, OpenAI," May 2026.
  16. [16]
    Qualcomm Qualcomm Completes Acquisition of Alphawave Semi," December 18, 2025.

Ch 7 Foundries & Fabrication

  1. [1]
    TrendForce via Semiecosystem (Mark LaPedus) TSMC Extends Lead In Foundry Business," March 13, 2026.
  2. [2]
    Design-Reuse / Notebookcheck Global foundry revenue surged to $41.7B in Q2 2025," September 2025.
  3. [3]
    SEC Filing TSMC Q4 2025 Results."
  4. [4]
    SEC Filing TSMC Q1 2026 Results."
  5. [5]
    FinancialContent TSMC: A Deep Dive into the Silicon Shield," December 10, 2025.
  6. [6]
    TrendForce TSMC 3nm Monthly Capacity May Hit 180K Wafers by 2026," April 27, 2026.
  7. [7]
    TrendForce TSMC Reportedly Flags 3-5% Price Hikes for Sub-5nm in 2026," November 3, 2025.
  8. [8]
    Yahoo Finance TSMC Expands AI Chip Capacity And Pricing Power With Advanced Nodes," February 17, 2026.
  9. [9]
    Seeking Alpha TSMC: Why 2026 Will Be Even Bigger," December 26, 2025.
  10. [10]
    Wikipedia TSMC."
  11. [11]
    PatentPC TSMC, Samsung, and Intel: Who's Leading the Semiconductor Race? (Latest Market Share Data)," 2026.

Ch 8 Memory: HBM, DRAM, NAND

  1. [1]
    FinancialContent AI-Driven DRAM Shortage Intensifies as SK Hynix and Samsung Pivot to HBM4 Production," December 26, 2025.
  2. [2]
    Introl Blog The AI Memory Supercycle," January 3, 2026.
  3. [3]
    Silicon Analysts HBM Pricing & Market Share (2026)."
  4. [4]
    Astute Group SK hynix holds 62% of HBM, Micron overtakes Samsung," September 26, 2025.
  5. [5]
    TrendForce Samsung, SK hynix Reportedly Plan ~20% HBM3E Price Hike for 2026," December 24, 2025.
  6. [6]
    SK Hynix Newsroom 2026 Market Outlook: SK hynix's HBM to Fuel AI Memory Boom," January 29, 2026.
  7. [7]
    DataCenterDynamics Samsung and SK Hynix to scale up memory production capacity in 2026," March 31, 2026.
  8. [8]
    Introl Blog HBM evolution: from HBM3 to HBM4 and the AI memory war," February 11, 2026.
  9. [9]
    Wikipedia SK Hynix."

Ch 9 Advanced Packaging & IC Substrates

  1. [1]
    FusionWW Inside the AI Bottleneck: CoWoS, HBM, and 2-3nm Capacity Constraints Through 2027," December 4, 2025.
  2. [2]
    FinancialContent The Great Packaging Pivot: How TSMC is Doubling CoWoS Capacity," January 1, 2026.
  3. [3]
    SemiWiki CoWoS Capacity Set to Skyrocket by 2026," December 31, 2024.
  4. [4]
    36Kr (English) Who Will Divide Up the CoWoS Production Capacity in 2026?," December 4, 2025.
  5. [5]
    Semiconductor Insight ABF Substrate Market, Emerging Trends 2026-2033," December 2025.
  6. [6]
    IntelMarketResearch ABF Substrate Market Outlook 2025-2032."
  7. [7]
    Thornburg Investment Management ABF substrates: A Quiet Opportunity in the Semiconductor Industry," April 20, 2023.
  8. [8]
    TechInsights 5 Expectations for the Advanced Packaging Market in 2026," December 2, 2025.
  9. [9]
    PatSnap Advanced packaging technology landscape 2026," April 1, 2026.
  10. [10]
    MarketGrowthReports ABF Substrate (FC-BGA) Market Size 2035," March 2, 2026.
  11. [11]
    Next Financial (Substack) The 60% Problem," May 2026.
  12. [12]
    USD Analytics Global Advanced Packaging Market Press Release," February 20, 2026.
  13. [13]
    Dr. Robert Castellano (Substack) TSMC and the Advanced Packaging Surge Fueled by NVIDIA," December 8, 2025.
  14. [14]
    Mordor Intelligence Advanced IC Substrates Market Size, Growth, Forecast 2031," February 2026.
  15. [15]
    MarketsandMarkets/TrendForce Hybrid Bonding Equipment Market," October 2025.

Ch 10 Networking Silicon, Switches & DPUs

  1. [1]
    SDxCentral/DataCenterDynamics UALink Consortium releases 200G 1.0 specification for AI accelerator interconnects," April 2025
  2. [2]
    Dell'Oro Group Ethernet More Than Doubles Size of InfiniBand as the Leading Fabric for AI Scale-Out Networks in 2025," March 10, 2026
  3. [3]
    Dell'Oro Group Data Center Networking in 2025-2026: Milestones and Opportunities Amid Supply Risk," January 7, 2026
  4. [4]
    TrendForce InfiniBand vs Ethernet: Broadcom and NVIDIA Scale-Out Tech War," October 30, 2025
  5. [5]
    FinancialContent Broadcom's AI Nervous System: Record $18B Revenue and a $73B Backlog," December 29, 2025
  6. [6]
    Astera Labs Q4 FY2025 Earnings Release, February 10, 2026
  7. [7]
    Credo Technology FY2025 Annual Results, June 2, 2025
  8. [8]
    MarketsandMarkets Data Center Networking Market," May 2026
  9. [9]
    650 Group Data Center AI Networking to Surge to Nearly $20B in 2025," June 4, 2024
  10. [10]
    QY Research/OpenPR Ethernet Switch Chips Market to Reach US$8,914 Million by 2032," January 27, 2026
  11. [11]
    SEC Filing NVIDIA Q4 FY2026 CFO Commentary
  12. [12]
    Futurum Group NVIDIA Q2 FY 2026 Earnings: Networking Steals the Spotlight," August 28, 2025
  13. [13]
    SEC Filing NVIDIA Q3 FY2026 CFO Commentary
  14. [14]
    SEC Filing Broadcom Q1 FY2026 Results
  15. [15]
    Futurum Group Broadcom Q2 FY 2025 Sees Record Revenue," June 10, 2025
  16. [16]
    Arista Networks Q4 FY2025 Earnings, February 12, 2026
  17. [17]
    Network World Arista rides AI wave, but battle for campus networks looms," January 6, 2026
  18. [18]
    Cisco/Network World Cisco highlights memory costs, Silicon One growth in Q2 recap," February 12, 2026
  19. [19]
    Next Platform Silicon One G200 Finally Drives Cisco's AI Networking Business," May 30, 2025
  20. [20]
    Futurum Group Marvell Q3 FY 2026: Record Revenue, Higher Data Center Outlook," December 4, 2025
  21. [21]
    Klover.ai Marvell Technology's AI Strategy: Analysis of Dominance in Data Infrastructure AI," August 4, 2025
  22. [22]
    Astera Labs Q2 FY2025 Earnings (SEC Filing)
  23. [23]
    Credo Technology Q2 FY2026 Earnings, December 1, 2025
  24. [24]
    CNBC $500 purple cables put Credo in middle of the AI boom," October 17, 2025

Ch 11 Photonics, Optical I/O & CPO

  1. [1]
    Fortune Business Insights Optical Transceiver Market Size, Share, Trends, Forecast 2034," 2026
  2. [2]
    MarketsandMarkets Optical Transceiver Market Size, Share, Industry Report 2030
  3. [3]
    LightCounting Sales of optical transceivers reached $23.8 billion in 2025," March 2026
  4. [4]
    CNBC Nvidia to invest $4 billion into photonics companies Coherent and Lumentum," March 2, 2026
  5. [5]
    NVIDIA Newsroom NVIDIA and Coherent Announce Strategic Partnership," March 2, 2026
  6. [6]
    Dell'Oro Group Data Center Networking in 2025-2026: Milestones and Opportunities," January 7, 2026
  7. [7]
    Next Platform With Celestial AI Buy, Marvell Scales Up The Datacenter And Itself," December 4, 2025
  8. [8]
    SDxCentral Coherent rides AI data center wave as revenues soar," August 15, 2025
  9. [9]
    SEC Filing Coherent Q4 FY2025 Results
  10. [10]
    Futurum Group Coherent Q1 FY 2026 Shows Datacenter & Comms Momentum," November 10, 2025
  11. [11]
    Converge Digest Lumentum Revenue Soars 90% as AI Data Center Optics Drive Record Quarter," May 2026
  12. [12]
    FinancialContent The Light Engine of AI: A Deep Dive into Lumentum Holdings (LITE)," March 26, 2026
  13. [13]
    SEC Filing Lumentum/NVIDIA Strategic Partnership, March 2, 2026
  14. [14]
    Fabrinet FY2025 Q4 Earnings, August 18, 2025
  15. [15]
    Optics.org Boom continues as Fabrinet posts 36% surge in sales revenues," February 5, 2026
  16. [16]
    Deep Fundamental Optical Module Market Deep Dive," September 27, 2024
  17. [17]
    Introl Blog Fiber optics for data centers: the state of the art in 2025," April 2026
  18. [18]
    NVIDIA Newsroom NVIDIA and Corning Announce Strategic Partnership," May 6, 2026
  19. [19]
    GlobalFoundries GlobalFoundries Acquires Advanced Micro Foundry, Accelerating Silicon Photonics Global Leadership," November 18, 2025
  20. [20]
    Tower Semiconductor Tower Semiconductor and Innolight Expand Collaboration," March 10, 2025
  21. [21]
    fwriter A Monopolistic Supplier in the Rapidly Growing AI Photonics Space: Nynomic/LayTec Analysis," 2025
  22. [22]
    CNBC Nvidia buys $500 million in Corning warrants as part of optical fiber deal," May 6, 2026
  23. [23]
    Nokia Nokia Q1 2026 Results," April 2026. AI & Cloud optical networking revenue grew 49% YoY in Q1 2026. Infinera acquisition ($2.3B, closed February 2025) adds InP PIC fabrication capability (Sunnyvale fab). Combined optical networking revenue approximately $3.6B annually, comparable to Ciena. [Accessed: May 10, 2026]

Ch 12 Connectors, Cables & Network Infrastructure

  1. [1]
    Jianshi App The connector landscape is undergoing a major transformation," May 2026
  2. [2]
    Silicon Analysts AI Data Center Value Chain Analysis 2025
  3. [3]
    FinancialContent/Klover.ai The Silent Engine of the AI Revolution: Amphenol Hits Record Highs," January 12, 2026
  4. [4]
    TE Connectivity Data Center & AI Connectivity Solutions
  5. [5]
    AInvest TE Connectivity's AI Data Center Moat Faces Crucial Test," March 23, 2026
  6. [6]
    CNBC Meta inks deal to pay Corning up to $6 billion for fiber-optic cables in AI data centers," January 27, 2026
  7. [7]
    DataCenterKnowledge Meta Inks $6B Fiber Optic Deal with Corning for US Data Centers," January 27, 2026
  8. [8]
    Yahoo Finance Corning (GLW) Is Up 13.6% After Strong 2025 Results And $6 Billion Meta AI Fiber Deal," February 11, 2026
  9. [9]
    ENGtechnica Samtec Adds Molex as Second Source for HD Interconnects," September 15, 2025
  10. [10]
    Samtec Samtec and Molex Collaborate on Next-Generation Twinax Data Center Solutions
  11. [11]
    Prysmian Relativity Networks and Prysmian Partner for High-Volume Production of Next-Generation Fiber-Optic Cable for Data Centers," March 21, 2025
  12. [12]
    Trefis/Roots Analysis Connector Market Size & Share Report 2035
  13. [13]
    TechnoStatecraft Dark Fiber—an Archaeology of the Dot-Com Bubble," 2025.

Ch 13 Power Generation

  1. [1]
    GE Vernova GE Vernova Reports Fourth Quarter and Full Year 2024 Financial Results," February 24, 2025
  2. [2]
    Bloom Energy Bloom Energy Reports Fourth Quarter and Full Year 2024 Financial Results with Record Full Year Revenues," February 2025
  3. [3]
    IEA Data centre electricity use surged in 2025," April 2026
  4. [4]
    Mordor Intelligence Uranium Enrichment Market Size, Share & 2030 Trends Report," 2026
  5. [5]
    EnergyTransition.org The billion-dollar boondoggle: how Vogtle became the US's monument to nuclear folly," April 2026
  6. [6]
    NVIDIA NVIDIA GB200 NVL72 Specifications," March 2026
  7. [7]
    Harvard Belfer Center AI, Data Centers, and the U.S. Electric Grid: A Watershed Moment," February 10, 2026
  8. [8]
    S&P Global Data center grid-power demand to rise 22% in 2025, nearly triple by 2030," October 14, 2025
  9. [9]
    EnkiAI Constellation's Nuclear Strategy for AI & Data Centers 2025," November 21, 2025
  10. [10]
    Reuters/AOL Microsoft may pay Constellation premium in Three Mile Island power agreement, Jefferies says
  11. [11]
    Vistra Q3 2025 Results, November 6, 2025
  12. [12]
    24/7 Wall St Constellation Holds Margin Lead as Vistra Expands," December 6, 2025
  13. [13]
    AInvest 3 Energy Stocks to Buy With $500 and Hold Forever
  14. [14]
    Oklo SEC Filing FY2024 Shareholder Letter
  15. [15]
    WWT Big Tech's Nuclear Bet: Key Small Modular Reactors for Cloud Power," December 2, 2025
  16. [16]
    EnkiAI Oracle Nuclear 2026, $50B Amazon Partnership," May 2026
  17. [17]
    Pew Research Center What we know about energy use at U.S. data centers amid the AI boom," October 24, 2025

Ch 14 Power Distribution, Transmission & Grid

  1. [1]
    Wood Mackenzie Power transformers and distribution transformers supply deficits to ease by 2030," August 14, 2025
  2. [2]
    Bloom Energy & American Electric Power AEP, Bloom Energy 1-GW Fuel Cell Agreement for AI Data Centers," September 2024
  3. [3]
    Carnegie Mellon University Data Center Growth Could Increase Electricity Bills 8% Nationally and 25% in Some Regional Markets," October 2025
  4. [4]
    POWER Magazine Transformers in 2026: Shortage, Scramble, or Self-Inflicted Crisis?" January 2, 2026
  5. [5]
    Electrical Contractor Magazine Investment by Grid Equipment Makers Could Ease Shortage," January 6, 2026
  6. [6]
    Wood Mackenzie Power transformers and distribution transformers will face supply deficits of 30% and 10% in 2025," August 14, 2025
  7. [7]
    DataCenterDynamics Hitachi Energy CEO warns of transformer supply shortage
  8. [8]
    Mordor Intelligence U.S Data Center Power Market Size, Share, Trends 2031
  9. [9]
    MarketsandMarkets Data Center UPS Market Report 2025-2030
  10. [10]
    MarketsandMarkets Top Data Center UPS Companies
  11. [11]
    DataCenterDynamics Vertiv revenue jumps 29 percent on booming data center demand," October 22, 2025
  12. [12]
    Yahoo Finance/Zacks Vertiv Gains From AI and Data Center Growth," November 18, 2025
  13. [13]
    Dealroom.co Powell Industries books first $75M+ data center megaproject," April 2026
  14. [14]
    AInvest Powell Industries' Q3 2025 Outlook," July 15, 2025
  15. [15]
    IntelMarketResearch Data Center Switchgear Market Outlook 2026-2034," February 2026

Ch 15 Thermal Management & Cooling

  1. [1]
    NVIDIA NVIDIA GB200 NVL72 Specifications," March 2026
  2. [2]
    Library of Congress CRS Data Centers and Their Energy Consumption: Frequently Asked Questions," 2024
  3. [3]
    Ecolab Ecolab to Acquire CoolIT Systems, a Global Leader in Advanced Liquid Cooling for Next-Gen AI Data Centers," March 19, 2026
  4. [4]
    Eaton Eaton Completes Acquisition of Leading Liquid-Cooling Solutions Provider Boyd Thermal," March 12, 2026
  5. [5]
    SPX Technologies SPX Technologies Inc. (SPXC) Market Cap 2025-2026," May 2026
  6. [6]
    Dell'Oro Group Data Center Liquid Cooling Market to Approach $7 Billion by 2029," January 8, 2026
  7. [7]
    Grand View Research Data Center Liquid Cooling Market Industry Report 2033
  8. [8]
    Global Market Insights Data Center Liquid Cooling Market 2025-2035
  9. [9]
    Technavio Liquid Cooling For AI Data Centers Market Growth Analysis 2026-2030
  10. [10]
    Mordor Intelligence Data Center Liquid Cooling Market Size 2026-2031
  11. [11]
    Future Market Insights AI Datacenter Liquid Cooling Market 2035
  12. [12]
    Precedence Research Direct to Chip Liquid Cooling Market Size 2025-2034
  13. [13]
    Market Data Forecast North America Data Center Liquid Cooling Market 2034

Ch 16 Site Selection, Land & Permitting

  1. [1]
    Data Center Watch / 10a Labs Data Center Projects Blocked or Delayed: 2025 Report," 2025.
  2. [2]
    PJM Interconnection Generation Interconnection Queue Data," 2025-2026.
  3. [3]
    ERCOT System Planning Large Load Interconnection Queue," December 2025.
  4. [4]
    Goldman Sachs Why AI Companies May Invest More than $500 Billion in 2026," December 2025.
  5. [5]
    DataCenterDynamics Virginia Missed More Than $1.6B in Tax Revenue Due to Data Center Exemptions in 2025," February 2026.

Ch 17 Physical Construction & Commissioning

  1. [1]
    Global Market Insights Data Center Construction Market 2026-2035
  2. [2]
    Mordor Intelligence Data Center Construction Market 2026-2031
  3. [3]
    Mordor Intelligence North America Data Center Construction Market
  4. [4]
    Property Manager Insider The 10 Data Center Construction Companies to Watch in 2026
  5. [5]
    Quartz Are Data Centers Becoming the Core Growth Engine for Quanta?" April 2026
  6. [6]
    Bitget News Are Data Centers Emerging as the Primary Driver of Growth for Quanta?" April 2026
  7. [7]
    DC&T Global Top 10 Data Center Construction Trends in 2026
  8. [8]
    ResearchAndMarkets United States Data Center Colocation Databook 2026

Ch 18 Data Center Operators

  1. [1]
    BlackRidge Research Top 10 Largest Data Center Companies in the World 2026
  2. [2]
    DataCenterDynamics Q3 2025 colo results: Equinix, Digital Realty, American Tower, Iron Mountain," November 7, 2025
  3. [3]
    SEC Filing Equinix Q3 2025 Earnings
  4. [4]
    ResearchAndMarkets United States Data Center Colocation Databook 2026
  5. [5]
    SEC Filing CoreWeave Q2 2025 Earnings
  6. [6]
    Harvard Belfer Center AI, Data Centers, and the U.S. Electric Grid
  7. [7]
    Dgtl Infra / ConstructElements How Much Does it Cost to Build a Data Center in 2026?" 2026.

Ch 19 Servers, Storage & Compute Platforms

  1. [1]
    Heise Online Server market grows by 61 percent -- AI hardware dominates data centers," December 18, 2025
  2. [2]
    SEC Filing Dell Q1 FY2026 Earnings
  3. [3]
    IntelMarketResearch Data Center Server Market Outlook 2026-2034
  4. [4]
    IDC Worldwide Server Market Revenue Increased 91% During Q4 2024," March 18, 2025
  5. [5]
    BaCloud Global Server Market: Leading Brands and Shares 2024-2025

Ch 20 System Software, Firmware & Orchestration

  1. [1]
    Silicon Analysts. "NVIDIA AI GPU Market Share 2026: ~80% of AI Accelerators." Silicon Analysts 2026
  2. [2]
    Digitimes. "Four reasons that Aspeed dominates the BMC chip market." Digitimes March 2026
  3. [3]
    Network World. "Broadcom's VMware strategy pays off financially but customers not as keen as Wall Street." Network World, 2025
  4. [4]
    NVIDIA Blog. "NVIDIA Acquires Open-Source Workload Management Provider SchedMD." NVIDIA December 2025
  5. [5]
    Yahoo Finance. "Nvidia Completes $700 Million Acquisition of AI Startup Run:ai." Yahoo Finance 2025
  6. [6]
    The Tribune. "Morgan Stanley: Agentic AI shifts value from GPUs to CPUs and memory creating up to $60bn incremental CPU TAM by 2030." The Tribune, April 2026
  7. [7]
    Vik's Newsletter. "The CPU Bottleneck in Agentic AI and Why Server CPUs Matter More Than Ever." Vik's Newsletter 2026
  8. [8]
    Investing.com. "Lattice Semiconductor to acquire AMI for $1.65 billion." Investing.com May 2026
  9. [9]
    Simply Wall St. "Insyde Software (TPEX:6231) - Stock Analysis." Simply Wall St 2026
  10. [10]
    Investing.com. "Aspeed Technology Stock Price Today | TWO: 5274 Live." Investing.com 2026
  11. [11]
    Zephyr (@zephyr_z9). "Don't forget the king of BMC chips Aspeed Technology They have 100% market share in Nvidia racks and 70% market share in AMD/Intel CPU server." X (Twitter) 2026
  12. [12]
    TechCrunch. "Nvidia bulks up open source offerings with an acquisition and new open AI models." TechCrunch December 2025
  13. [13]
    Medium (ODSC - Open Data Science). "NVIDIA Completes $700 Million Run:ai Acquisition Following Regulatory Review." Medium 2025
  14. [14]
    Yahoo Finance. "Nutanix Inc. (NTNX) Stock Price, News, Quote & History." Yahoo Finance, 2026
  15. [15]
    CompaniesMarketCap. "Nutanix (NTNX) - Revenue." Companies Market Cap 2026
  16. [16]
    AMD Investor Relations. "AMD and OpenAI Announce Strategic Partnership to Deploy 6 Gigawatts of AMD GPUs." AMD October 2025
  17. [17]
    ThunderCompute. "ROCm vs CUDA: Which GPU Computing System Wins in May 2026?" ThunderCompute 2026
  18. [18]
    EE Times. "Taking on CUDA With ROCm: 'One Step After Another'." EE Times 2025