Upstream AI chip supplier capturing supply chain profits

Those who truly reap the significant profits are often the bottleneck segments: GPU/accelerator cards, memory, advanced process/packaging, CPU, etc. Companies like Nvidia, TSMC, Samsung, SK Hynix, and Micron capture the upstream profits of the supply chain. Meanwhile, companies like CoreWeave, Nebius, IREN, and CIFR, which are more focused on AI cloud/data centers/mining-to-AI, benefit more from asset expansion and valuation elasticity; their risk/reward profiles are completely different.