Peter Schafer

The system

Value flows to whichever physical layer is the binding constraint. The map holds the candidate layers, including ones not yet named. Where and how hard the constraint binds is read from filings each quarter, never assumed — and when innovation routes around a constraint, the map is built to show it relaxing.

The constraint map

Rows are physical layers; columns are the five tells a filing can show. A cell is PRESENT only when found in a filing. Where more than one company has been read on a layer, the cell shows how many of them show the tell — "2 of 3" — never the union. Evidence chips: [F] filing-grade; [F-KR/PROV] a provisional Korean pattern set that a Korean-reading reviewer may overturn. Hover a cell for the names.

rung · status (as recorded)Customers pay before delivery.1 prepaymentsCustomers book future output in advance.2 capacity_reservationOrder-to-ship time is stretching.3 lead_timeCustomer pays whether or not it takes the product.4 take_or_payMargin rises on the same product.5 gm_pricing_powerASSESSED — MIXED: two expressers disagree (NVDA signature-negative, demand side; INTC signature-positive on prepayments and capacity_reservation, supply side) — the rung is not one name1 · ComputeASSESSED — MIXED: two expressers disagree(NVDA signature-negative, demand side; INTC1 of 2 PRESENT expressers: NVDA ABSENT, INTC PRESENT evidence tag [F] — filing-grade observed 2026-09-061 of 2 PRESENT[F]1 of 2 PRESENT expressers: NVDA ABSENT, INTC PRESENT evidence tag [F] — filing-grade observed 2026-09-061 of 2 PRESENT[F]2 of 2 PRESENT expressers: NVDA PRESENT, INTC PRESENT (WEAK) evidence tag [F] — filing-grade observed 2026-09-062 of 2 PRESENT[F] · 1 weak0 of 2 ABSENT expressers: NVDA ABSENT, INTC ABSENT evidence tag [F] — filing-grade observed 2026-09-060 of 2 ABSENT[F]2 of 2 PRESENT expressers: NVDA PRESENT, INTC PRESENT evidence tag [F] — filing-grade observed 2026-09-062 of 2 PRESENT[F]clock UNSTARTED · 2 names read: NVDA, INTCASSESSED — SIGNATURE-POSITIVE AS A SELLER ON PRICE, [F-KR/PROV] (two names, SK hynix and Samsung, agreeing on every cell; pattern set provisional — a Korean-reading reviewer may overturn)2 · Memory bandwidthASSESSED — SIGNATURE-POSITIVE AS A SELLER ONPRICE, [F-KR/PROV] (two names, SK hynix and0 of 2 NOT_ASSESSABLE expressers: SKHY NOT_ASSESSABLE, SSNLF NOT_ASSESSABLE evidence tag [F-KR/PROV] — provisional Korean pattern set; a Korean-reading reviewer may overturn observed 2026-09-060 of 2 NOT_ASSESSABLE[F-KR/PROV]0 of 2 ABSENT expressers: SKHY ABSENT, SSNLF ABSENT evidence tag [F-KR/PROV] — provisional Korean pattern set; a Korean-reading reviewer may overturn observed 2026-09-060 of 2 ABSENT[F-KR/PROV]2 of 2 PRESENT expressers: SKHY PRESENT (WEAK), SSNLF PRESENT (WEAK) evidence tag [F-KR/PROV] — provisional Korean pattern set; a Korean-reading reviewer may overturn observed 2026-09-062 of 2 PRESENT[F-KR/PROV] · 2 weak0 of 2 ABSENT expressers: SKHY ABSENT, SSNLF ABSENT evidence tag [F-KR/PROV] — provisional Korean pattern set; a Korean-reading reviewer may overturn observed 2026-09-060 of 2 ABSENT[F-KR/PROV]2 of 2 PRESENT expressers: SKHY PRESENT, SSNLF PRESENT evidence tag [F-KR/PROV] — provisional Korean pattern set; a Korean-reading reviewer may overturn observed 2026-09-062 of 2 PRESENT[F-KR/PROV]clock STARTED 2026-09-06 · 2 names read: SKHY, SSNLFASSESSED — SIGNATURE-POSITIVE AS A SELLER ON RESERVED PHOTONICS CAPACITY (two names: TSEM positive on one fact, AAOI negative on five)3 · Optical interconnectASSESSED — SIGNATURE-POSITIVE AS A SELLER ONRESERVED PHOTONICS CAPACITY (two names: TSEM1 of 2 PRESENT expressers: TSEM PRESENT, AAOI ABSENT evidence tag [F] — filing-grade observed 2026-09-061 of 2 PRESENT[F]1 of 2 PRESENT expressers: TSEM PRESENT, AAOI ABSENT evidence tag [F] — filing-grade observed 2026-09-061 of 2 PRESENT[F]0 of 2 ABSENT expressers: TSEM ABSENT, AAOI ABSENT evidence tag [F] — filing-grade observed 2026-09-060 of 2 ABSENT[F]0 of 2 ABSENT expressers: TSEM ABSENT, AAOI ABSENT evidence tag [F] — filing-grade observed 2026-09-060 of 2 ABSENT[F]0 of 2 ABSENT expressers: TSEM ABSENT, AAOI ABSENT evidence tag [F] — filing-grade observed 2026-09-060 of 2 ABSENT[F]clock STARTED 2026-09-06 · 2 names read: TSEM, AAOISIGNATURE-POSITIVE — THE WORKED POSITIVE4 · SubstrateSIGNATURE-POSITIVE — THE WORKED POSITIVE1 of 1 PRESENT one name evidence tag [F] — filing-grade observed 2026-08-131 of 1 PRESENT[F]1 of 1 PRESENT one name evidence tag [F] — filing-grade observed 2026-08-131 of 1 PRESENT[F]UNKNOWN 0 of 0 never lookedUNKNOWN 0 of 01 of 1 PRESENT one name evidence tag [F] — filing-grade observed 2026-08-131 of 1 PRESENT[F]1 of 1 PRESENT one name evidence tag [F] — filing-grade observed 2026-08-131 of 1 PRESENT[F]clock UNSTARTED · no name readASSESSED — SIGNATURE-POSITIVE AS A SELLER, FAB-LEVEL (one name; the receipts retain fab capacity — the filings do not attribute them to CoWoS / advanced packaging)5 · Advanced packagingASSESSED — SIGNATURE-POSITIVE AS A SELLER,FAB-LEVEL (one name; the receipts retain fab1 of 1 PRESENT one name evidence tag [F] — filing-grade observed 2026-09-061 of 1 PRESENT[F]1 of 1 PRESENT one name evidence tag [F] — filing-grade observed 2026-09-061 of 1 PRESENT[F]0 of 1 NOT_ASSESSABLE one name evidence tag [F] — filing-grade observed 2026-09-060 of 1 NOT_ASSESSABLE[F]0 of 1 ABSENT one name evidence tag [F] — filing-grade observed 2026-09-060 of 1 ABSENT[F]0 of 1 NOT_ASSESSABLE one name evidence tag [F] — filing-grade observed 2026-09-060 of 1 NOT_ASSESSABLE[F]clock STARTED 2026-09-06 · 1 name read: TSMASSESSED — SIGNATURE-POSITIVE AS A SELLER (three names: CEG, GEV, VRT; every signature PRESENT on at least one, take_or_pay WEAK only)6 · PowerASSESSED — SIGNATURE-POSITIVE AS A SELLER(three names: CEG, GEV, VRT; every signature2 of 3 PRESENT expressers: CEG ABSENT, GEV PRESENT, VRT PRESENT evidence tag [F] — filing-grade observed 2026-09-062 of 3 PRESENT[F]2 of 3 PRESENT expressers: CEG PRESENT, GEV PRESENT, VRT ABSENT evidence tag [F] — filing-grade observed 2026-09-062 of 3 PRESENT[F]3 of 3 PRESENT expressers: CEG PRESENT (WEAK), GEV PRESENT (WEAK), VRT PRESENT evidence tag [F] — filing-grade observed 2026-09-063 of 3 PRESENT[F] · 2 weak1 of 3 PRESENT expressers: CEG ABSENT, GEV PRESENT (WEAK), VRT ABSENT evidence tag [F] — filing-grade observed 2026-09-061 of 3 PRESENT[F] · 1 weak3 of 3 PRESENT expressers: CEG PRESENT, GEV PRESENT, VRT PRESENT (WEAK) evidence tag [F] — filing-grade observed 2026-09-063 of 3 PRESENT[F] · 1 weakclock STARTED 2026-09-05 · 3 names read: CEG, GEV, VRTUNASSESSED7 · Physical embodimentUNASSESSEDUNKNOWN 0 of 0 never lookedUNKNOWN 0 of 0UNKNOWN 0 of 0 never lookedUNKNOWN 0 of 0UNKNOWN 0 of 0 never lookedUNKNOWN 0 of 0UNKNOWN 0 of 0 never lookedUNKNOWN 0 of 0UNKNOWN 0 of 0 never lookedUNKNOWN 0 of 0clock UNSTARTED · no name read
PRESENT — every name read shows itk of n — some names read show it, some do not (never the union)ABSENT — tested against a real filing, not thereNOT_ASSESSABLE — the test could not runUNKNOWN — never looked[F] filing-grade evidence[F-KR/PROV] provisional Korean pattern set

The five tells, defined

signatureplain Englishwhat it looks like in a filingstrength
prepaymentsCustomers pay before delivery.Customer deposits or contract liabilities growing faster than revenue; "advance payments from customers".Strong — cash moves before product does.
capacity_reservationCustomers book future output in advance."capacity reservation agreement", "long-term supply agreement" with committed volumes or reserved wafer starts.Strong — commitment to a specific supplier.
lead_timeOrder-to-ship time is stretching.MD&A language: "supply constrained", "extended lead times", "allocation".Weakest of the five — can be inherited from upstream, not owned.
take_or_payCustomer pays whether or not it takes the product."take-or-pay", "minimum purchase commitments", "non-cancellable".Strongest — the buyer has accepted the supplier's terms.
gm_pricing_powerMargin rises on the same product.Gross margin expanding without a mix shift; price increases disclosed in MD&A.Strong but lagging — shows after the others.

What the map knows, and what it does not

What it knows

  • Compute — 2 names read (NVDA, INTC); 4 of 5 signatures seen on at least one name; 1 absent on every name read.
  • Memory bandwidth — 2 names read (SKHY, SSNLF); 2 of 5 signatures seen on at least one name (1 only weakly); 2 absent on every name read; 1 not assessable from the filings read. provisional 5 of 5 cells rest on a provisional Korean pattern set.
  • Optical interconnect — 2 names read (TSEM, AAOI); 2 of 5 signatures seen on at least one name; 3 absent on every name read.
  • Substrate — assessed from the charter's worked case, names not itemised on the cells; 4 of 5 signatures seen on at least one name; 1 never looked.
  • Advanced packaging — 1 name read (TSM); 2 of 5 signatures seen on at least one name; 1 absent on every name read; 2 not assessable from the filings read.
  • Power — 3 names read (CEG, GEV, VRT); 5 of 5 signatures seen on at least one name (1 only weakly).

What it does not

  • Compute — names disagree on prepayments, capacity_reservation — shown as a fraction, never as the union; no falsifier clock is running.
  • Memory bandwidth — prepayments could not be tested from the documents on file.
  • Optical interconnect — names disagree on prepayments, capacity_reservation — shown as a fraction, never as the union.
  • Substrate — no falsifier clock is running.
  • Advanced packaging — one name is not the rung — the cells say what that filer shows, not what every vendor on the layer shows; lead_time, gm_pricing_power could not be tested from the documents on file.
  • Power — names disagree on prepayments, capacity_reservation, take_or_pay — shown as a fraction, never as the union.
  • Physical embodiment — never assessed: no filing has been read against it.

Hub and spokes

One live constraint chain; candidate chains wait behind four graduation gates (G1 chokepoint · G2 pure-play · G3 credible voice · G4 testable in filings).

Spoke 1 — InP / optical — the live spokeSpoke 1 — InP / opticalLIVE · solid1 Compute4 of 5 · 2 names2 Memory bandwidth2 of 5 · 2 names3 Optical interconnect2 of 5 · 2 names4 Substrate4 of 55 Advanced packaging2 of 5 · 1 name6 Power5 of 5 · 3 names7 Physical embodimentunassessedSpace economy — candidate, gatedSpace economycandidate · dashedG1 OPENG2 OPENG3 RAWG4 OPENPhysical AI / edge AI — candidate, gatedPhysical AI /edge AIcandidate · dashedG1 PLAUSIBLEG2 WEAKG3 OPENG4 OPENQuantum + beneficiaries — candidate, gatedQuantum +beneficiariescandidate · dashedG1 PARTIALG2 PARTIALG3 UNPARSEDG4 UNPARSEDCrypto — candidate, gatedCryptocandidate · dashedG1 UNPARSEDG2 UNPARSEDG3 UNPARSEDG4 UNPARSEDPower / energy infrastructure — candidate, gatedPower / energyinfrastructurecandidate · dashedG1 RAWG2 OPENG3 UNPARSEDG4 RAWruled RUNG 6 ofspoke 1; spokecandidacydormant, notDefense — candidate, gatedDefensecandidate · dashedG1 OPENG2 OPENG3 OPENG4 OPENSpoke n — unnamed — candidate, gatedSpoke n —unnamedplaceholderG1 n/aG2 n/aG3 n/aG4 n/ainheritsShared ground truth — Shared core: the rubric, the ledgers, the citation grades, the gatesThe rep (Stage 2)analysis core — six factors, weakest link bindsLedgersConviction ledger · Performance ledger · Decision ledgerPortfolioconviction to weight — a paper bookscoresladder

A row is a physical layer AI scaling passes through. A spoke is a separate constraint chain with its own chokepoint, voices, and ladder, sharing one core and one book.

Drawn from core/ladder.json, data/architecture-nodes.json and the gate files at build; ladder generated 2026-09-07 06:02:02.