Stock category · Fabrication — where chips get made
Where the chips actually get made
The oldest constraint and still the deepest — a step-change in coverage from late 2025.
Not an investment product and not a track record — methodology.
Members were chosen on 2026-07-19; names that had already failed are absent
by construction, so the pre-2026-07-19 stretch overstates the category.
Independent bets
1.6
of 4 names
Average pairwise correlation
0.49
6 pairs, daily returns
Since defined
-3.3%
equal weight, from 2026-07-19
The names
TSM
TSMC
Apple's TSMC bill ran from $2B to $24B in a decade — a quarter of TSMC's revenue, and the plainest number for how one foundry became everyone's chokepoint.
403.31 -15.6%
dossier
ASML
ASML
One company builds the machine that prints every leading-edge chip — which puts it inside more export-control fights than any other name in the record.
1651.44 -17.0%
dossier
LRCX
Lam Research
Data-only instrument — no dossier yet.
297.72 -31.3%
data
INTC
Intel
Data-only instrument — no dossier yet.
91.13 -34.7%
data
Change shown is the 30-day move, not the day's.
What the category earns
Growth leads here, and it is the median across members rather than a total — a per-company growth rate does not care what currency the company reports in, so Samsung and Micron count equally. Revenue levels can only be added within one currency, so the totals below cover the members reporting in USD and say how many that is.
Years are labelled by the calendar year each company's fiscal year ends in. Those calendars do not line up — Nvidia's 2026 ended in January — and this does not pretend otherwise.
| FY ending | Median revenue growth | Revenue (USD) | Net income (USD) |
|---|---|---|---|
| 2022 | — | $2365.3B 4 mem | $1011.2B |
| 2023 | -1.7% 4 of 4 | $2261.0B 4 mem | $865.8B |
| 2024 | +0.2% 4 of 4 | $2990.6B 4 mem | $1151.0B |
| 2025 | +19.6% 4 of 4 | $3913.0B 4 mem | $1712.3B |