Infra supply, non-chip constraints and perf/watt decide buys

ASE launches 310mm panel-level packaging for AI chip scaling. Qualcomm lands ByteDance as first major ASIC customer, challenging Broadcom/Marvell. NVIDIA six-die superchip production/Vera/CPU + $60B networking/$200B TAM; Dell AI Factory; Google TPU; Broadcom ASICs; Intel CEO: agentic AI driving up to 4 CPUs per GPU, 18A yields improving 7%/month; power density and hybrid sovereignty critical amid capex intensity. AMD plans $10B+ investment in Taiwan AI infrastructure. Papers on KV cache/inference efficiency (Full Attention 9.36x).