Manas Bihani
About

the questions

  1. What is a moat in an AI world?
  2. Why do AI products converge?
  3. What becomes scarce when intelligence becomes cheap?
  4. Does distribution matter more than technology?
  5. Why might human-made things become more valuable?
  6. What happens to expertise when everyone has the same models?
  7. Which parts of an AI startup are actually defensible?
  8. Where does value move when intelligence becomes commoditized?

everything on the desk

  1. The periodic table of the AI stackVisualization
  2. What is a moat when the model isn't yours?Note
  3. The problem-selection premiumNote
  4. Same model, different wiringNote
  5. Selection is the new bottleneckNote
  6. Get friendly with the AI raceEssay
  7. The convergence taxNote
  8. The luxury of realityNote
  9. The non-technical technical advantageNote
  10. The verification economyNote
  11. The bets against the wallVisualization
  12. You can't buy your way outVisualization
  13. How a chatbot writes one wordVisualization
  14. The grid is the last wallVisualization
  15. Who got paidVisualization
  16. Why this paper mattersExplainer
  17. Transformer: Why did transformers replace RNNs?Vaswani et al., NeurIPS 2017
  18. KV cache: Why does a long conversation get slower and cost more than a short one?Shazeer, 2019
  19. Mixture of experts: Why do some AI models have experts?Fedus, Zoph and Shazeer, 2021
  20. FlashAttention: Why is attention slow when the GPU is barely doing any arithmetic?Dao et al., NeurIPS 2022
  21. Mamba: Why does a model reread the whole conversation instead of just remembering it?Gu & Dao, 2023
  22. PagedAttention: Why does a GPU with free memory still refuse new requests?Kwon et al., SOSP 2023
  23. DeepSeek: How did DeepSeek train a frontier model so cheaply?DeepSeek-AI, 2024
  24. Jamba: Why does Jamba matter?Lieber et al., AI21 Labs, 2024
  25. BitNet: Why does BitNet matter?Ma et al., Microsoft Research, 2025
  26. DeepSeek-R1: Can a small AI model learn to reason like a huge one?DeepSeek-AI, 2025
  27. Kimi K2: Why does Kimi K2 matter?Kimi Team, Moonshot AI, 2025
  28. Sliding-window attention: How do models handle huge context windows without the memory bill exploding?Gemma Team, Google DeepMind, 2025
  29. How electricity becomes intelligenceVisualization
  30. This desk, as a datasetDataset
  31. The first version of this roomNote
  32. The aura dividendNote
  33. Distribution is rented attentionNote
  34. The Convergence TestNote
  35. A shelf for thinking about cheap intelligenceCollection
  36. Anatomy of an AI startupNote
  37. Six shocks to expertiseNote
  38. Nineteen Public KeysEssay
  39. The value migration machineModel
  40. AAA-Rated GPUsEssay
  41. Moats, before and afterVisualization
  42. The rhinoceros problemNote
  43. What becomes scarce when intelligence becomes cheap?Essay
  44. AI Has Passed Every Exam. It Has Never Had an Idea.Essay
  45. What Becomes Scarce After Intelligence?Essay
  46. India’s Carbon Markets : A New Test for Global Climate PolicyEssay
  47. Google Wants AI to Become BoringEssay
  48. The Wall That Wasn’t YoursEssay
  49. The Rate-Limiting StepEssay
  50. The Speed of Being WrongEssay
  51. Uber Burned a Year of AI Budget in Four Months. A Rat Catcher in 1902 Knew WhyEssay
  52. Finding a Flat in India Is Broken. We Have the Technology to Fix It. Nobody With Power Wants To.Essay
  53. Why We Can Never Have Good Social MediaEssay
  54. Gen Z Is Going OfflineEssay

rooms

  1. Home
  2. Writing
  3. Projects
  4. Reading & Watching
  5. All the questions
  6. Everything, as a contact sheet
  7. About

Visualization, ongoing · 6 Oct 2026

The periodic table of the AI stack

Every data centre is a pile of specific atoms. Fifty-six of the 118 elements have a job in it, fourteen of those are short, concentrated or behind an export licence right now, and five are newer materials trying to replace an incumbent. A map of which is which, and what each one suggests about the next bet.

the scarce thing is never the element

trying to answer →What becomes scarce when intelligence becomes cheap?Where does value move when intelligence becomes commoditized?

People describe the AI buildout in chips, gigawatts and dollars. Underneath all three it is a shopping list of elements, and the list is longer and stranger than “silicon and copper”. This is that list laid out on the one chart everybody already knows how to read.

Yellow means squeezed today. Blue is a newer material making a run at an old one. Black outline means the stack does not work without it but supply is holding. Grey means I looked and found no real role. Click any cell; the buttons above the table show one layer of the stack at a time. Every element has its own link, so you can send someone straight to one.

  • No role found
4Be12Mg19K20Ca23V25Mn34Se37Rb38Sr43Tc45Rh48Cd53I54Xe55Cs57La61Pm63Eu64Gd67Ho69Tm70Yb71Lu75Re76Os77Ir80Hg81Tl84Po85At86Rn87Fr88Ra89Ac90Th91Pa93Np94Pu95Am96Cm97Bk98Cf99Es100Fm101Md102No103Lr104Rf105Db106Sg107Bh108Hs109Mt110Ds111Rg112Cn113Nh114Fl115Mc116Lv117Ts118Og
1H

Hydrogen

present

Fab consumables · copy link

What it does

Carrier and anneal gas in the fab, and the gas that keeps tin off the mirrors inside an EUV machine.

Textbook chemistry; no reporting behind this one.

2He

Helium

squeezed now

Fab consumables · Storage · copy link

What it does

Cools the back of every wafer during etch, finds leaks, and fills high-capacity hard drives. Nothing else does the main jobs.

Bulk helium, Northeast Asia, per thousand cubic feet

~$127 (late 2025)to$152.70 (Mar 2026)

Spot cargoes roughly doubled; European spot reached about $450.

what moved it: a war, not AI

Before AI

A market of about 190 million cubic metres a year from four places: the US, Qatar, Russia and Algeria. Chipmaking took 20 to 25% of it; hospitals, aerospace and welding took the rest.

What changed

Chipmaking’s share is projected to reach 30% by 2030 as the number of EUV layers grows. The 2026 spike itself was the Qatar outage, which took about 5.2 million cubic metres a month off the market.

The squeeze

Qatar makes about 30% of the world’s helium as a by-product of liquefied natural gas. Ras Laffan went offline in March 2026 after Iranian strikes and spot prices rose 40 to 100% within weeks. South Korea bought about 65% of its helium from Qatar.

Who supplies
ExxonMobil (LaBarge)QatarEnergyGazprom (Amur)LindeAir LiquideAir ProductsMesserIwatani
Who buys
TSMCSamsungSK hynixSeagateWestern Digital
Who is working on it
Renergen (South Africa)Pulsar Helium (Montana)North American HeliumDry Piney, Wyoming (2028)

The bet

Helium is about $6 of an $18,000 EUV wafer, so a fab will pay any price and still nobody upstream gets rich on price alone. The opening is reclaim (leading fabs already recover 70 to 95%) and helium that is not tied to an LNG plant.

Sources: Tom’s Hardware, Qatar helium shutdown · Forbes, Helium crisis and the chip supply chain · Smith, Helium shortage update (Apr 2026) · Reuters, Helium prices soar (Mar 2026) · Yigas, Global helium supply trends 2026 · Exiger, Iran war disrupts helium supply

3Li

Lithium

load-bearing

Power · Optics & network · copy link

What it does

Backup power at the rack and the batteries now built beside data centres. As lithium niobate, also the fastest optical modulators (see niobium).

The squeeze

Lithium prices more than doubled between January 2025 and April 2026 on storage demand. China’s controls on batteries, cathodes and graphite anodes are suspended only until November 2026.

China

Controls on lithium batteries and cathode materials, announced in October 2025, are suspended until November 2026.

Sources: IEA, Global Critical Minerals Outlook 2026 · Swedish Institute of International Affairs, China’s mineral export restrictions · Strategic Metals, Metals in AI servers

6C

Carbon

a newer bet

Cooling · Power · copy link

What it does

Three forms matter. Diamond is the best conductor of heat there is. Graphite is the anode in backup batteries. With silicon it is silicon carbide, the switch in high-voltage power conversion.

what moved it: not a price story

Before AI

Heat left a chip through copper: a copper lid, a copper cold plate.

What changed

Chip power density is passing what copper can spread. Coherent sells a diamond-silicon carbide composite at over 800 W/m·K, twice copper. Diamond Foundry bonds thinned silicon straight onto single-crystal diamond.

The squeeze

Battery-grade graphite is on China’s suspended control list. Diamond is not short; it is unproven at wafer scale.

Who supplies
Element SixOrbrayDiamond FoundryCoherentAkash Systems
Who buys
Power-chip makersUS defence primesAI server builders
Who is working on it
HexSeedMIT (transistors embedded in diamond)

The bet

Heat now limits how much power a chip can take, and diamond conducts it about five times better than copper. Element Six and Orbray have a 50 mm single-crystal wafer above 2,200 W/m·K. HexSeed, in Scotland, raised £600k in August 2026 to grow diamond straight onto finished gallium nitride chips. Small rounds, early, real physics.

China

Graphite has needed a licence since the first wave of controls. Controls on synthetic graphite anodes are suspended until November 2026.

Sources: Element Six and Orbray, wafer-scale diamond (sponsored post) · Silicon Scotland, HexSeed raises £600k · Navitas, Nvidia 800 V HVDC collaboration · IEA, Global Critical Minerals Outlook 2026 · Swedish Institute of International Affairs, China’s mineral export restrictions · Coherent, diamond-silicon carbide composite · Diamond Foundry, Advanced cooling · Akash Systems, Chip on diamond

8O

Oxygen

present

Chips · Optics & network · copy link

What it does

The other half of every oxide: gate insulators, glass, fibre.

Textbook chemistry; no reporting behind this one.

9F

Fluorine

a newer bet

Fab consumables · Cooling · copy link

What it does

Etch and chamber-cleaning gases in the fab, and the fluorinated fluids used for two-phase immersion cooling.

what moved it: regulation

Before AI

3M’s fluorinated fluids were the standard for two-phase immersion cooling.

What changed

3M left, the rules tightened, and power density kept rising. Operators need a fluid that is not a PFAS.

The squeeze

The cooling fluids are PFAS, the “forever chemicals”. 3M has left the business and regulators in the US and EU are tightening.

Who supplies
3M (exited)
Who buys
Data-centre operatorsNvidia-class rack builders
Who is working on it
Orbital Industries

The bet

A coolant with no PFAS in it, arriving as chip power density passes what water alone can handle. Orbital Industries raised $50M in May 2026 for one, with Nvidia’s venture arm in the round.

Sources: The Next Web, Orbital Industries raises $50M

10Ne

Neon

load-bearing

Fab consumables · copy link

What it does

The buffer gas in the deep-ultraviolet lasers that still print most chip layers. About 70% of the world’s neon goes to lithography.

The squeeze

Ukraine shipped up to half of chip-grade neon before 2022. Since then China, Korea and Taiwan built their own supply, and laser makers added recycling.

The bet

A chokepoint that got solved, which makes it the one to study. It was fixed by recycling and by a new process (EUV uses tin, not neon), not by new sources. Expect the same shape elsewhere.

Sources: Tom’s Hardware, Gigaphoton neon recycling

14Si

Silicon

squeezed now

Chips · Packaging & boards · Optics & network · copy link

What it does

The wafer. Also the glass: optical fibre, and the woven glass cloth inside every chip package.

Lead time for the laminate made from T-glass

8–10 weeksto20+ weeks

T-glass itself is up 20 to 30%. Standard optical fibre rose about 75% in one month in early 2026.

what moved it: AI, directly

Before AI

T-glass was a niche cloth for phone-chip substrates. Nittobo’s whole electronic-materials arm sold ¥40.9bn in 2025. Data centres were under 5% of world fibre demand in 2024.

What changed

Nvidia’s interposer grew from 814 mm² to 1,700 mm² in one generation, and bigger packages need more cloth. Bank of America expects Nittobo’s segment at ¥87.7bn by March 2028 at close to 48% margin. Data centres head for about 30% of fibre demand by 2027.

The squeeze

Silicon is sand. The forms are what is scarce. One Japanese company, Nittobo, makes about 90% of the low-expansion “T-glass” cloth that keeps a large AI package flat as it heats. Prices are up 20 to 30%, laminate lead times went from 8–10 weeks to over 20, and new capacity lands in mid-2027. Fibre preforms are booked into 2027 as well.

Who supplies
NittoboTaiwan GlassUnitikaNan Ya PlasticsCorningShin-EtsuSumitomo ElectricYOFC
Who buys
NvidiaGoogleAmazonAppleMeta
Who is working on it
Nittobo Fukushima (tripling, mid-2027)Asahi Kasei (quartz cloth)Shin-Etsu (quartz cloth)Grace Fabric

The bet

The scarce thing is rarely the element. It is the one qualified factory that turns it into a form. Yole’s analyst names the candidates for the next T-glass: copper foil, solder mask, copper-clad laminate.

Sources: Tom’s Hardware, the T-glass shortage · Tessara, The Chokepoint: optical fibers · M2 Optics, the 2026 optical fiber shortage

16S

Sulfur

present

Fab consumables · Power · copy link

What it does

Sulfuric acid cleans wafers. It also leaches uranium out of the ground in Kazakhstan, where acid supply has itself been a constraint.

Sources: Strategic Metals, How AI revived uranium

17Cl

Chlorine

present

Fab consumables · Optics & network · copy link

What it does

How silicon and germanium are purified and carried: as chlorides. Silicon tetrachloride for fibre is up about 50%.

Sources: Tessara, The Chokepoint: optical fibers

18Ar

Argon

present

Fab consumables · copy link

What it does

The inert atmosphere for growing silicon crystals and for sputtering metal films.

Textbook chemistry; no reporting behind this one.

21Sc

Scandium

present

Chips · copy link

What it does

Scandium aluminium nitride makes the radio filters in Wi-Fi and 5G chips, a few grams per wafer. On China’s April 2025 licence list. More a phone story than a data-centre one.

China

Export licence since April 2025.

Sources: Tom’s Hardware, rare-earth restrictions and chipmaking

22Ti

Titanium

load-bearing

Chips · Packaging & boards · copy link

What it does

Titanium nitride is the barrier under every tungsten plug. Barium titanate is the dielectric in ceramic capacitors.

Sources: Strategic Metals, Metals in AI servers

26Fe

Iron

squeezed now

Power · Storage · copy link

What it does

The transformer core, as grain-oriented electrical steel. Also the rack, and the iron in magnets and in lithium iron phosphate batteries.

Wait for a standard power transformer

about half as long (early 2020s)to128 weeks

Core steel is up 60 to 70% since 2020.

what moved it: grid build-out and AI together

Before AI

Transformers were a slow replacement market for utilities.

What changed

Demand for generator step-up units is up 274% since 2019 and for substation units 116%. Of roughly 16 GW of data-centre capacity announced for 2026, about 5 GW is physically under construction.

The squeeze

Large power transformers are the queue. Wood Mackenzie’s survey puts standard units near 128 weeks and substation units above 160. Core steel is up 60 to 70% since 2020, and the US has one producer, Cleveland-Cliffs. (Secondary sources; I have not read the survey itself.)

Who supplies
Cleveland-CliffsBaosteelNippon SteelJFE SteelPOSCOThyssenkrupp
Who buys
UtilitiesHyperscalersTransformer makers
Who is working on it
Cleveland-Cliffs Butler Works expansion (2028)

The bet

Hyperscalers have bought into power plants and pre-ordered transformers. They have not yet gone one step further, into core steel. Through 2028 the rent sits with whoever can deliver energised capacity.

Sources: Global Elite Business, the transformer shortage (secondary) · Market Analysis, 60-month transformer lead times (secondary)

28Ni

Nickel

present

Packaging & boards · copy link

What it does

The plating under the gold on connectors and boards.

Textbook chemistry; no reporting behind this one.

29Cu

Copper

squeezed now

Power · Chips · Packaging & boards · Cooling · copy link

What it does

The conductor. Chip wiring, board traces, busbars, cold plates, transformer windings.

Copper on the London Metal Exchange, per tonne

~$9,000 (five-year average)to$14,728 (record, 8 Sep 2026)

what moved it: mines going backwards, with AI at the margin

Before AI

A market of about 28 million tonnes driven by construction, appliances and China, then electric vehicles.

What changed

Data-centre construction takes about half a million tonnes in 2026, of which 100 to 200 thousand is specific to AI. At the same time mine output fell 1.1% in the first half of 2026, with Codelco and Freeport both down by double digits at record prices.

The squeeze

A normal data centre embeds about 27 tonnes per megawatt (Microsoft’s Chicago campus); AI-dense halls run 30 to 45. The price set a record of $14,728 a tonne in September 2026. S&P projects a 10 million tonne shortfall by 2040.

Who supplies
BHPCodelcoFreeport-McMoRanGlencoreSouthern CopperRio TintoAntofagastaIvanhoe
Who buys
HyperscalersUtilitiesCable and busbar makers
Who is working on it
Navitas (800 V power, less copper)Aluminium substitution

The bet

AI is under 2% of copper demand and roughly all of this year’s growth: the marginal tonne. That cuts both ways, because a pause in AI spending removes exactly the tonne that sets the price. Copper is under 0.5% of a data centre’s cost, so buyers do not flinch. The less crowded side is whatever uses less of it: 800-volt power distribution (copper up to 45% thinner), aluminium, and fibre in place of cable.

Sources: Kpler, Copper: the perfect squeeze? · S&P Global, Copper in the Age of AI · CIBC Asset Management, Copper crunch · Navitas, Nvidia 800 V HVDC collaboration · Materials Industry, Copper hits all-time high (Sep 2026) · Wall Street Logic, copper mines going backwards · BHP, Copper growth

31Ga

Gallium

squeezed now

Power · Optics & network · Chips · copy link

What it does

Gallium nitride switches power faster and cooler than silicon; it is in Nvidia’s 800-volt architecture. Gallium arsenide does fast I/O and lasers.

Gallium (99.99%) in Rotterdam, per kilogram

~$260 (Jun 2023)to~$2,100 (Mar 2026)

Inside China the same metal is about $250.

what moved it: export controls

Before AI

About 700 tonnes a year, into LEDs and the radio chips in phones. China and Rotterdam prices sat within $50 of each other.

What changed

Gallium nitride power chips for AI servers are new demand: data centres could take up to about 10% of today’s supply by 2030. But the eightfold gap between China and Rotterdam is policy, not demand.

The squeeze

China makes about 99% of primary gallium: roughly 750 of the world’s 760 tonnes in 2024. European prices rose 365% in 2025 and sit about five times above Chinese domestic prices. The ban on US-bound exports is suspended until 27 November 2026. Shipments to Japan have been near zero all year.

Who supplies
Chinese alumina refiners (about 99%)
Who buys
NavitasPower-chip makersLaser and RF chip makersDefence radar
Who is working on it
Rio Tinto + Indium Corporation (Quebec, pilot 2027)Alcoa + Japan (Western Australia)ATALCO (Louisiana)Nyrstar (Tennessee)

The bet

Gallium comes out of alumina refining, and nobody outside China had a reason to recover it. The missing piece is refining, not ore. A refinery in Western Australia and the US TRACE-Ga project are the line items that change anything. The $10 billion stockpile loan buys time, not supply.

China

Export licence since August 2023. The outright ban on US-bound shipments is suspended until 27 November 2026; the ban on military end-users is not.

Sources: Manufacturing Mag, China’s gallium reprieve · Swedish Institute of International Affairs, China’s mineral export restrictions · IEA, Global Critical Minerals Outlook 2026 · CFR, Dismantling China’s Supply-Chain Weapon · Navitas, Nvidia 800 V HVDC collaboration · GalliumPrice.com, price history · Rio Tinto, gallium project in Quebec · Strategic Metals, Metals in AI servers

32Ge

Germanium

squeezed now

Optics & network · Chips · copy link

What it does

The dopant that makes the core of an optical fibre guide light. Also strained silicon-germanium in fast transistors.

Germanium, per kilogram

~$1,150 (Jan 2023)to$8,597 (Feb 2026)

what moved it: export controls, then fibre

Before AI

About 240 tonnes a year, into fibre, infrared optics and satellite solar cells. Fibre already took 35 to 40%.

What changed

A GPU rack uses about 36 times the fibre of a CPU rack. If fibre deployment doubles by 2030 as forecast, fibre alone would need about three-quarters of today’s germanium.

The squeeze

Fibre takes 35 to 40% of the world’s roughly 240 tonnes a year, and a GPU rack uses about 36 times the fibre of a CPU rack. Germanium went from $2,839 to $8,597 a kilogram between January 2024 and February 2026. China produces about 60%.

Who supplies
China (about 60%)Umicore (recycling)CorningYOFCShin-EtsuSumitomo Electric
Who buys
MetaNvidiaAmazonTelecom carriers
Who is working on it
Corning (three new US plants)Umicore (recycling)

The bet

Meta (up to $6bn), Nvidia (up to $3.2bn) and Amazon have all written cheques to Corning. That trade is taken. What is open: recovery and recycling outside China, and (my inference, not a sourced claim) hollow-core fibre, which guides light through air instead of doped glass.

China

Export licence since August 2023. The outright ban on US-bound shipments is suspended until 27 November 2026; the ban on military end-users is not.

Sources: Introl, Germanium chokepoint · Tessara, The Chokepoint: optical fibers · M2 Optics, the 2026 optical fiber shortage · Amanda van Dyke, The germanium chokepoint · lanthanides.io, export controls tracker · GalliumPrice.com, price history

39Y

Yttrium

squeezed now

Fab consumables · copy link

What it does

Yttrium oxide lines the inside of plasma etch chambers. Without it the chamber walls shed particles onto the wafer.

Yttrium oxide outside China, per kilogram

under $7 (before Apr 2025)to~$1,000 (Sep 2026)

With a Chinese export licence it is $36 to $48.

what moved it: export controls

Before AI

Cheap and plentiful: coatings, ceramics, phosphors. Nobody tracked it.

What changed

AI did not move this price. It only made the etch tools that need the coating run flat out. The North American price is now about 196 times the Chinese one.

The squeeze

On China’s licence list since April 2025. Yttrium oxide prices rose about 6,900% in the twelve months to February 2026, and US imports from China were still down 75% a year on.

Who supplies
ChinaA small amount of US production
Who buys
Applied MaterialsOther etch-tool makersTurbine-coating makers

The bet

A rounding error in cost that sits inside the tools that make every chip. Separation outside China and recycling of spent coatings are thinly covered.

China

Export licence since April 2025, covering the metal, the oxide and other compounds.

Sources: Altsets, China’s rare-earth controls beyond EVs · IEA, Global Critical Minerals Outlook 2026 · MMTA, Export controls fracture the rare earth market · Benchmark, Q3 2026 rare earths price review

40Zr

Zirconium

present

Power · Chips · copy link

What it does

The cladding around nuclear fuel. Purifying it for reactors is also where hafnium comes from.

Textbook chemistry; no reporting behind this one.

41Nb

Niobium

a newer bet

Optics & network · copy link

What it does

As thin-film lithium niobate, it turns electrical signals into light faster and with less loss than silicon can.

what moved it: not a price story

Before AI

Lithium niobate modulators were bulky telecom parts. Data-centre links used silicon photonics.

What changed

Above 800G per link silicon modulators run out of headroom, and thin-film lithium niobate can now be made on 6- and 8-inch wafers at ordinary foundries.

Who supplies
HyperLightXili OptoelectronicsNantOptiFabUMCWavetek
Who buys
MediaTekFoxconnJabilTransceiver makers

The bet

The next step after 800G links. HyperLight, out of Harvard, closed an $80M Series C in June 2026 led by MediaTek with Foxconn, Jabil and UMC: the supply chain funding its own supplier. Parts at 200G per lane are shipping and 400G is sampling. In China, Xili raised about RMB 100M for the same material. The performance numbers are the companies’ own.

Sources: optics.org, HyperLight raises $80M · The Robotics Media, Xili raises RMB 100M

42Mo

Molybdenum

a newer bet

Chips · copy link

What it does

Tungsten’s successor for the finest wiring in memory and logic. It needs no barrier layer, so more of the wire actually conducts.

what moved it: not a price story

Before AI

Steel takes about 80% of the world’s molybdenum. Chips used tungsten.

What changed

Samsung has used it in 286-layer memory since April 2024, Micron is in production, and SK hynix follows with 375 layers by the end of 2026. The tonnage is tiny: Samsung’s purchases go from 4 tonnes to about 80 by 2030.

The squeeze

On China’s February 2025 licence list.

Who supplies
Lam ResearchTokyo ElectronAir LiquideEntegrisMerckSK Specialty
Who buys
SamsungSK hynixMicron

The bet

Lam Research says nearly every major chipmaker is qualifying it. The metal is cheap. The value lands with deposition tools and precursor chemicals.

China

Export licence since February 2025.

Sources: Semiconductor Engineering, Interconnects approach tipping point · lanthanides.io, export controls tracker · Lam Research, ALTUS Halo · Fastmarkets, Molybdenum as tungsten alternative · BigGo Finance, SK hynix 375-layer NAND (secondary)

44Ru

Ruthenium

squeezed now

Storage · Chips · copy link

What it does

A spacer about three atoms thick in every conventional hard-drive platter. Next in line to replace copper in the tightest chip wiring.

Ruthenium, per ounce

$560 (Mar 2025)to$1,750 (Mar 2026)

Peaked at $1,895, then eased to about $1,520.

what moved it: AI storage

Before AI

About a million ounces a year. Electronics took a third (hard drives, chip resistors) and chemical catalysts most of the rest.

What changed

Hard-drive capacity shipped is forecast to go from about 1.2 zettabytes in 2024 to over 7 by 2029, and both US drive makers were sold out for 2026.

The squeeze

From $560 to $1,750 an ounce in the year to March 2026, a record, then a peak of $1,895. The whole market is about a million ounces a year, nearly all a by-product of South African platinum mining, where output is falling. Metals Focus sees a 203,000-ounce deficit in 2026.

Who supplies
South African platinum minersNortham PlatinumHeraeusJohnson Matthey
Who buys
SeagateWestern DigitalTSMCIntelSamsung
Who is working on it
Seagate (HAMR drives, which drop ruthenium)

The bet

Two forces pull opposite ways. The next generation of hard drives (HAMR) needs little or no ruthenium, and Seagate expects about half its 2026 capacity to ship on it. But chip interconnect could become a new use from around the 14-ångström node. The bet is on which arrives first.

Sources: Reuters, Ruthenium hits record high · Australian Resources & Investment, on Heraeus’s ruthenium note · Semiconductor Engineering, Interconnects approach tipping point · Gillware, the 2026 hard drive supply chain

49In

Indium

squeezed now

Optics & network · copy link

What it does

Indium phosphide is the laser. Silicon can steer light but cannot make it, so every optical link in an AI cluster, pluggable or co-packaged, starts at an indium phosphide chip.

Indium in Europe, per kilogram

$249 (2023 average)to~$710 (Jul 2026)

China’s domestic price is now higher still, partly on futures speculation.

what moved it: AI optics, plus speculation

Before AI

About 1,100 tonnes a year, most of it into the transparent coating on flat-panel displays. Telecom bought lasers by the hundred.

What changed

Indium phosphide is small tonnage but all of the growth. Laser orders now run to hundreds of millions. At AXT, indium phosphide is about 65% of revenue, and customers prepaid $47.7M in one quarter.

The squeeze

Lumentum says demand for its lasers exceeds supply by more than 30% and expects to sell out 2028. Its chief executive thinks the gap will be worse than memory’s. China refines about 70% of indium and put indium phosphide under licence in February 2025. In March 2026 Nvidia put $2bn each into Lumentum and Coherent.

Who supplies
China (760 t)South Korea (180 t)AXTSumitomo ElectricJXFreibergerLumentumCoherentIQE
Who buys
NvidiaHyperscalersInnoLightFabrinetApplied Optoelectronics
Who is working on it
Coherent (6-inch line)AXT (capacity to 2031)Veeco (tools)OpenLightYunnan Germanium

The bet

The lasers are spoken for: Coherent says it will not sell any outside the company. The constraint has moved one layer up, to substrates (AXT, Sumitomo, JX, Freiberger) and to the tools for new lines. On 6 October 2026 Lumentum put down $87M in deposits to reserve AXT wafers to 2031. The counter-view: LightCounting expected the shortage to fade by the end of 2026.

China

Indium phosphide and two indium precursors have needed a licence since February 2025. The metal itself is not listed.

Sources: TrendForce, InP shortage (Aug 2026) · Startup Fortune, Lumentum CEO on the laser shortage · drillr, InP shifts to allocation · SMM, Lumentum reserves AXT wafers to 2031 · Compound Semiconductor, InP: the vital semiconductor · Noah Intelligence, InP shortage · Fastmarkets, China’s February 2025 controls · USGS, Mineral Commodity Summaries 2026: Indium · Rare Earth Mining, AI demand splits indium and germanium

50Sn

Tin

load-bearing

Packaging & boards · Fab consumables · copy link

What it does

Solder, everywhere. And the droplet of molten tin an EUV machine vaporises to make its light.

The squeeze

Fastmarkets models tin bought for AI hardware at 11.3 thousand tonnes in 2026, rising to 26.5 by 2030: about a tenth of all solder demand, against a forecast market deficit of about 9.

The bet

AI will not cause a tin shortage. It can turn the next mine disruption into one: a year of AI demand is about the size of all exchange stocks.

Sources: Fastmarkets, AI hardware and tin · Tom’s Hardware, Gigaphoton neon recycling

51Sb

Antimony

present

Chips · copy link

What it does

An n-type dopant. Small in the stack, but the sharpest of China’s controls: exports fell close to zero in 2025, European prices rose 437%, and only 11 firms may export it.

China

Export licence since September 2024, through 11 authorised exporters. The outright ban on US-bound shipments is suspended until 27 November 2026; the ban on military end-users is not.

Sources: Swedish Institute of International Affairs, China’s mineral export restrictions · Bare Syndicate, MOFCOM antimony controls 2026 · Tom’s Hardware, rare-earth restrictions and chipmaking

56Ba

Barium

load-bearing

Packaging & boards · Optics & network · copy link

What it does

Barium titanate is the dielectric in ceramic capacitors, thousands to a board.

The bet

The same crystal, as a thin film on silicon, is a rival to lithium niobate for the next optical modulator. I have not sourced funding or shipment numbers for it.

Sources: Strategic Metals, Metals in AI servers

58Ce

Cerium

present

Fab consumables · copy link

What it does

Ceria slurry polishes each wafer flat between layers.

Textbook chemistry; no reporting behind this one.

60Nd

Neodymium

load-bearing

Cooling · Storage · copy link

What it does

Neodymium-iron-boron magnets turn every fan, every coolant pump and every hard-drive motor.

The squeeze

China mines about 60% of rare earths, refines about 91% and makes about 94% of the finished magnets. Neodymium itself is not on the control list; the heavy additives are.

The bet

Outside China, announced mining could reach about 50,000 tonnes by 2035, refining under 40,000 and magnet-making about 18,000. The gap widens as you go downstream, so magnets are where capacity is shortest. And this one can be designed out: ABB sells rare-earth-free motors for data-centre cooling.

Sources: Strategic Metals, Metals in AI servers · Altsets, China’s rare-earth controls beyond EVs · Gillware, the 2026 hard drive supply chain

65Tb

Terbium

squeezed now

Cooling · Storage · copy link

What it does

Added to magnets, with dysprosium, so they keep their strength when hot.

Terbium oxide in Europe, per kilogram

~$1,200 (before Apr 2025)to$6,745 (Sep 2026)

The earlier figure is worked back from Argus’s 470% rise.

what moved it: export controls

Before AI

A tiny market serving electric-car motors, wind turbines and hard drives. Japan was the biggest buyer outside China.

What changed

Not AI. China’s licences in April 2025, then the cut-off to Japan in January 2026, which sent Japanese buyers into the small pool in Europe and America.

The squeeze

Under Chinese export licence since April 2025. By September 2026 the European price of terbium oxide was $6,745 a kilogram.

Who supplies
China (about 91% of refining)LynasMP Materials
Who buys
Japanese magnet makersWestern DigitalSeagateNidecABB
Who is working on it
LynasMP MaterialsNoveon MagneticsWestern Digital + Microsoft (recycling)

The bet

See dysprosium.

China

Export licence since April 2025, including magnets that contain it.

Sources: IEA, Global Critical Minerals Outlook 2026 · Altsets, China’s rare-earth controls beyond EVs · Benchmark, Q3 2026 rare earths price review · MMTA, Export controls fracture the rare earth market

66Dy

Dysprosium

squeezed now

Cooling · Storage · copy link

What it does

Added to magnets so they keep their strength when hot. In the motors of hard drives, fans and pumps.

Dysprosium oxide in Europe, per kilogram

~$280 (before Apr 2025)to$3,500 (Sep 2026)

The earlier figure is worked back from Argus’s 882% rise.

what moved it: export controls

Before AI

A tiny market serving electric-car motors, wind turbines and hard drives. Japan was the biggest buyer outside China.

What changed

Not AI. China’s licences in April 2025, then the cut-off to Japan in January 2026. AI adds pumps, fans and drives on top of a market that was already broken.

The squeeze

Under Chinese export licence since April 2025. By September 2026 dysprosium oxide in Europe cost about 16 times the Chinese domestic price. Grain-boundary diffusion, the technique that cuts how much you need, has one equipment supplier outside China.

Who supplies
China (about 91% of refining)LynasMP Materials
Who buys
Japanese magnet makersWestern DigitalSeagateNidecABB
Who is working on it
LynasMP MaterialsNoveon MagneticsWestern Digital + Microsoft (recycling)

The bet

Recovery from retired hard drives (Western Digital and Microsoft run a programme) and heavy-rare-earth separation outside China. A wider control package is suspended until November 2026.

China

Export licence since April 2025, including magnets that contain it.

Sources: IEA, Global Critical Minerals Outlook 2026 · Altsets, China’s rare-earth controls beyond EVs · Gillware, the 2026 hard drive supply chain · Tom’s Hardware, rare-earth restrictions and chipmaking · Benchmark, Q3 2026 rare earths price review · MMTA, Export controls fracture the rare earth market

72Hf

Hafnium

load-bearing

Chips · copy link

What it does

Hafnium oxide, a few atoms thick, insulates the gate of every advanced transistor made since 2007.

The squeeze

It is only produced as a by-product of purifying zirconium. I have not sourced current supply figures.

Sources: Strategic Metals, Metals in AI servers

73Ta

Tantalum

squeezed now

Packaging & boards · Chips · copy link

What it does

Tantalum capacitors feed a GPU hundreds of amps within microseconds. An AI server carries two to three thousand of them, against a few dozen in an ordinary server. Also the barrier around copper wiring.

Tantalum ore, per pound

~$55 (2024 low)to$115 (Jan 2026)

Ingot in China then nearly tripled between December and August.

what moved it: AI servers, plus a mine collapse

Before AI

About 2,500 tonnes a year into capacitors for phones, cars and aerospace. AI data centres took essentially none of it in 2021.

What changed

By late 2025 AI data centres took an estimated 8 to 12% of production, heading for 15 to 18%. TrendForce puts AI demand growth at 62% a year.

The squeeze

The Democratic Republic of the Congo mines 51% of about 2,500 tonnes a year, and the Rubaya mine was halted by a collapse in January 2026. Ingot prices went from RMB 2,600 to 6,650 a kilogram this year. KEMET raised prices three times in twelve months, some lead times reached 40 to 52 weeks, and hyperscalers have reportedly locked up over 70% of high-end capacity.

Who supplies
Congo and Rwanda minesOrient TantalumCabotTaniobisKEMET (Yageo)Kyocera AVXVishayPanasonic
Who buys
MicrosoftGoogleAmazonMetaServer makersCar makers
Who is working on it
Chinese polymer-tantalum makers (volume from 2027–28)

The bet

Under 1% of the bill of materials, and it can stop a finished server leaving the factory. The scarce step is ultra-high-capacitance tantalum powder, and qualifying a new supplier takes one to two years. A dissent: TTI’s tracking showed lead times of 16 to 18 weeks in January, tight but orderly.

Sources: TrendForce, Tantalum prices nearly triple · Economic Observer, a tantalum capacitor that blocks delivery · TTI MarketEye, The tantalum paradox

74W

Tungsten

squeezed now

Chips · copy link

What it does

The plugs that carry signals up out of the transistor, and the word lines in memory.

Tungsten (APT), per kilogram

~$30 (five-year average)to$340 (Jul 2026)

It started 2026 at $83.

what moved it: export controls and defence

Before AI

About 162 thousand tonnes a year, two-thirds of it into cutting tools. China mined about 80% and refined 85%.

What changed

Chips are a small buyer: tungsten hexafluoride gas for memory. The larger new demand is wire for slicing solar wafers (now 14% of the market) and a US rule barring Chinese tungsten from defence contracts from January 2027.

The squeeze

The benchmark price went from $83 to $340 a kilogram between January and July 2026. Under Chinese licence since February 2025, with 15 authorised exporters.

Who supplies
ChinaAlmonty (Sangdong, Korea)EQ ResourcesTungsten West (Hemerdon)Global Tungsten & Powders
Who buys
ToolmakersDefence contractorsSamsungSK hynix
Who is working on it
Almonty (oxide plant, 2028)Lam Research (molybdenum instead)

The bet

Inside the chip, molybdenum is the named successor, so chip demand for tungsten is a slowly melting block. The price is a defence and tooling story more than an AI one.

China

Export licence since February 2025, through 15 authorised exporters.

Sources: IEA, Global Critical Minerals Outlook 2026 · Bare Syndicate, MOFCOM antimony controls 2026 · Semiconductor Engineering, Interconnects approach tipping point · lanthanides.io, export controls tracker · S&P Global, Tungsten market report (Aug 2026) · Edison Group, Tungsten: the big squeeze · SMM, Sangdong and semiconductor tungsten

78Pt

Platinum

a newer bet

Storage · copy link

What it does

An iron-platinum alloy is the recording layer in HAMR hard drives, the technology displacing ruthenium-based media.

what moved it: not a price story

Before AI

Hard-drive media used a ruthenium spacer under a cobalt-chromium-platinum layer.

What changed

HAMR drives record on iron-platinum. Seagate expects about half its 2026 capacity on HAMR; Western Digital follows in 2027.

Who supplies
South African platinum miners
Who buys
SeagateWestern Digital

The bet

The other side of the ruthenium trade. Hard drives still store an exabyte for about $25M against about $500M on flash, so bulk AI storage stays on spinning disks.

Sources: Australian Resources & Investment, on Heraeus’s ruthenium note

92U

Uranium

squeezed now

Power · copy link

What it does

Fuel for the only firm, carbon-free power a hyperscaler can sign for today.

Uranium spot, per pound

~$50 (for years)to$101 (Jan 2026 peak)

Settled in the mid-$80s by the second quarter.

what moved it: reactor restarts, with AI deals on top

Before AI

Reactors needed about 69,000 tonnes a year and mines dug 60,000; old stockpiles covered the gap. Utilities under-bought for thirteen years running.

What changed

The World Nuclear Association sees requirements near 150,000 tonnes by 2040, a forecast drawn before most of the AI deals. Hyperscalers have since contracted about 8.5 GW of existing reactors.

The squeeze

Mines supplied about 90% of what reactors used in 2024. Kazakhstan mines 39%. Spot passed $101 a pound in January 2026. Advanced reactors need a higher-enriched fuel, HALEU, which has no commercial US source; Centrus’s new capacity is due by 2029.

Who supplies
KazatompromCanadaNamibiaUrencoOranoRosatomCentrusConstellationTalenVistra
Who buys
MetaAmazonGoogleMicrosoft
Who is working on it
Centrus (HALEU, 2029)TerraPowerX-energyKairos PowerOkloRadiant

The bet

Hyperscalers have about 8.5 GW of existing US reactors under contract and 45 GW of conditional small-reactor agreements, but exactly one data-centre reactor, of 50 MW, is under construction. Carnegie’s audit: every announced deal together covers under 20% of projected demand. The fuel chain, enrichment above all, is the part with both a schedule and a shortage.

Sources: Nuclear News Network, every data-centre nuclear deal · Tantalum Strategy, on Carnegie’s audit of hyperscaler nuclear deals · Strategic Metals, How AI revived uranium · Nuclear News Network, Centrus to supply Radiant with HALEU

118 elements, 56 with a job in the AI stack. Each coloured cell has its role, what is squeezing it, the bet it suggests, and sources. The yellow and blue cells also show the price before and now, what moved it, and who supplies, buys and is working on it. Figures are as of early October 2026.

What the table says

The scarce thing is a form, not an element. Silicon is sand, and it is yellow anyway, because one Japanese company makes about 90% of the glass cloth that keeps a large chip package flat.Tom’s Hardware on the T-glass shortage. Nittobo’s new capacity arrives in mid-2027. Indium is not rare; a qualified six-inch indium phosphide wafer is. Iron is the fourth most common element in the crust, and a transformer core made of it has a two-to-three-year queue. In every yellow cell the shortage sits at one factory step where qualification takes years and money does not shorten it.

By-products cannot answer a price. Gallium comes out of alumina refining. Indium and germanium come out of zinc. Ruthenium comes out of platinum mining, tellurium out of copper, hafnium out of zirconium, helium out of liquefied natural gas. Nobody opens a zinc mine to sell more indium. So when AI demand arrives, the price moves a long way and the supply barely moves at all: ruthenium tripled in a year.Reuters, March 2026: about $560 to $1,750 an ounce.

The cheapest parts have a veto. Helium is about $6 of an $18,000 wafer. The tantalum capacitors in an AI server are under 1% of its cost, and without them a finished machine sits on the line. Copper is under half a percent of a data centre. Buyers this insensitive to price do not negotiate. They prepay.

Not every squeeze is AI’s doing. Each yellow cell now says what actually moved its price, and for about half of them the answer is not AI. Gallium, yttrium, tungsten, dysprosium and terbium moved because Beijing required a licence. Helium moved because of a war. The cells where AI itself is the buyer that broke the market are fewer: indium, ruthenium, tantalum, the glass cloth, and copper at the margin. That matters for a bet, because a policy squeeze can end with a signature and a demand squeeze cannot.

Follow the prepayment. It marks the bottleneck more reliably than the price does.

That last point is the most useful one on the page. Nvidia put $2 billion each into Lumentum and Coherent for lasers, and up to $3.2 billion into Corning for fibre. Meta committed up to $6 billion to Corning. And on the day this was written, Lumentum itself put down $87 million to reserve indium phosphide wafers from AXT through 2031.Shanghai Metals Market, 6 October 2026. Each cheque lands one layer further upstream than the last.

Where I would look

Four kinds of bet fall out of the table. I have ordered them by how crowded I think they are, least crowded last.

  1. One layer upstream of the last big cheque. The lasers are spoken for, so look at substrates and the tools for new laser lines. Fibre is spoken for, so look at preforms and germanium. Capacitors are locked up, so look at the tantalum powder. This is the most legible trade and the most watched.
  2. Substitution. Molybdenum for tungsten, aluminium for copper, iron-platinum for ruthenium, lithium niobate for silicon modulators, diamond for copper heat spreaders, a PFAS-free fluid for the old coolants. These are the blue cells. In most of them the value goes to whoever makes the tool or the process, not to whoever owns the metal.
  3. Reclaim. Neon was a crisis in 2022 and is nearly a non-story now, mostly because of recycling. Helium recovery, rare earths from retired hard drives and germanium from scrap fibre are the same idea at an earlier stage.
  4. Refining outside China. Gallium, the heavy rare earths, yttrium. The ore exists elsewhere; the refineries do not. This is slow, capital-heavy and dependent on governments, which is why it is uncrowded.

One date sits over the whole right-hand side of the table. China’s suspension of its tightest controls, including the ban on gallium, germanium and antimony exports to the United States, runs out on 27 November 2026. If it is not renewed, the controls come back by default. Here is what that touches.The lanthanides.io tracker lists every announcement. The licensing regime underneath never went away, and exports to Japan have been cut off since January.

What would make this wrong

AI is the marginal buyer of nearly everything in yellow, which is why these prices moved. It also means a pause in AI spending removes exactly the demand that is setting them. Kpler makes this argument about copper and it applies down the list.Kpler, July 2026. Data-centre construction is under 2% of copper demand and about all of this year’s growth.

Chokepoints also get fixed, usually in two to four years, usually by process change and not by new mines. Several of the yellow cells have a credible dissent attached: LightCounting expected the laser shortage to ease by the end of 2026, and one long-running tracker of tantalum lead times showed them tight but orderly in January. I have put those inside the relevant cells.

And the November deadline may simply be extended, as it was last year.

What I have not checked

The transformer numbers come from secondary write-ups of a Wood Mackenzie survey I have not read. Funding and performance figures for the start-ups are the companies’ own. Entries marked “textbook chemistry” have no reporting behind them. A grey cell means I found no role, not that there is none, and I expect to be corrected on a few. This is a map of where the constraints are, not advice about what to buy.