One of the most important constraints in the Map of AI is physical: GPUs, and the infrastructure required to stack them into racks that power today’s AI data centers.

What makes this especially interesting is that much of this constraint stems from a single central player: TSMC.

AMD is another critical node in the Map of AI. But it, too, is tightly linked to TSMC. This makes AMD not just a GPU competitor, but also a signal of the chokepoints that could shape the AI infrastructure stack in the coming years.

Two stories run through this quarter, and they cut against each other.