Semiconductors: domestic substitution
The further upstream, the more room there is
Bars, a matrix, and thesis cards. Start with localization magnitudes, then the chain map, names by step, and risks.
Read domestic semis through three questions
- Where substitution torque sits: equipment, materials, EDA are least localized.
- What fab expansion means: the lead indicator for upstream orders.
- What falsifies: tighter controls, cycle down, failed qualification.
Updated 2026-07-15 · Research notes, not investment advice.