deadrisk

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.

4 names equal, daily rebalanced
LRCX Lam Research no dossier yet
297.72 USD 30d -31.3% 1y +200.4% FY2025 rev $18.4B

Lam Research is one of 4 names here because it lives by the same constraint — fabs. What follows is the category, not the company.

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

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