u/AleaBito on The Entire AI Buildout (Google, NVDA, MSFT) Is dependent on this $700m Monopoly - $15 -> $150 PT.

Thanks. I'd disagree when you say it's more fragmented, I supplied the breakdown below. If one company owns 25 or 30% of the entire chain off two different bottle necks, then that's absolutely huge concentration. For substrates it's -AXTI (est. \~30–35%) -Sumitomo (est.\~30%) - JX Nippon (est. 10-15%). 5 companies make up 70% of the supply. For InP: Vital Materials - 35% AXTI - 25% via (Beijing Tongmei Xtal Technology) Zhuzhou Keneng New Material - 18% Dowa - 12% Wafer Technology Ltd - 5% InPACT (France) - 3% Rest of World - 2% (Coherent, Sumitomo, Korean, Taiwan, etc.