From the best seats, the course confirms the buyer: power — not capital or chips — gates gigawatts, and memory bandwidth, not raw compute, is the wall. It refines with 20-year take-or-pay contracts and optical circuit-switching. It oversells where incentives predict: 'uncapped demand' is a token-seller's claim, the 2027-28 memory-glut counter-case goes unspoken, and the 'advanced packaging' layer has zero packaging content across twelve lectures. Clearest signal: insiders with opposite books describing the same market differently.

Look, you know, our filings show the concentration you're describing — top ten at 46% of revenue last quarter, up from 40% and 41% the two years before. Quite frankly, one customer over 10%, different one than a year ago, and we can't name any of them. It's the component supplier shape: revenue climbing while the buyer list narrows. We'll see how it tracks.