Explained
Who Makes HBM
Who makes HBM is the map of roles along the stack — memory makers, package attach, and tools. Allocation locks are not settled cash. Roles only. No tip sheet.
Explained
Explained
Mechanism explainers for the AI stack — what a part is, why it binds, who gets paid. Free teaching desk on Second Order.
Get the Wire
Explained
HBM vs GDDR
HBM stacks beside the GPU on advanced packaging; GDDR sits as discrete chips on the board. Same memory family tree — different stuck step and who gets paid.
Explained
What Is a Neocloud? Specialist GPU Clouds for AI Work
A neocloud is a specialist cloud that bills GPU clusters for AI work. What it is, how it earns, and why utilisation and realised price decide everything.
Explained
What Is CoWoS? Chip-on-Wafer-on-Substrate for AI GPUs
CoWoS is chip-on-wafer-on-substrate — TSMC’s packaging family that joins a compute die and HBM. How variants differ, and why hectares on a form are not packaging slots.
Explained
Neocloud vs Hyperscaler
A neocloud bills accelerator time; a hyperscaler sells a broad cloud with GPUs as one line. Compare funding, pricing, lock-in, and what a demand dip hits.
Explained
What Is Behind-the-Meter Power? On-Site Supply for AI Data Centres
Behind-the-meter power is on-site electricity on the customer's side of the utility meter. Leased megawatts do not pay until the hall is energised — and the queue is why that gap exists.
Explained
IC Substrates and ABF Explained: The Quiet Gate Beside Packaging
Advanced packaging still needs substrates and ABF film. The quiet neighbour gate — and how inventory builds when materials lag.
Explained
Memory Process Tools Explained: The Equipment Gate Behind HBM
Process tools set HBM bit growth months before stacks ship. The equipment gate, the install-to-output clock, and where cash sits on the supply curve.
Explained
Foundry and Advanced Packaging Explained: The Wider Finish Line
AI chips finish when foundry, packaging, HBM, substrates, and test all match. The wider finish line beyond one packaging brand name.
Explained
Software and Applications Explained: Who Captures App-Layer Rent
Software turns expensive compute into paid workflows. Where app-layer rent sits — and why it runs on a different clock from fabs.
Explained
Servers and Rack Hardware Explained: What Fills the AI Rack
Servers turn chips, networking, and power into a deployable rack. This Map explains what fills the box — and when system lead times become the gate.
Explained
Speed-to-Power Explained: Why Watts Gate AI Halls
Speed-to-power is the clock from plan to live watts at the rack. Chip news alone misses this gate — and who gets paid when timed megawatts clear.