The tech ecosystem: semiconductors power hardware, hardware fills data centers, data centers run AI and cloud, which serve consumer internet and enterprise SaaS.
Every tech product is built on layers: semiconductors power hardware, hardware runs operating systems, operating systems run applications, and applications serve users.
The semi ecosystem inverts a normal value chain: a small base of EDA tools and equipment makers enables a much larger top of chip designers, hardware, and apps. Every new chip drives revenue at every layer below.