Trace Cohen maps stack value capture

- Analyst Trace Cohen argued on social that semiconductor industry value is non‑linear across the stack, with positioning (design → foundry → equipment) often trumping raw revenue growth. - His view highlights that companies capturing platform or interface value—packaging, IP, or tooling—can disproportionately monetise the AI demand wave. - For boutique services, the implication is to target high‑leverage interfaces where advisory judgment and IP integration command premium rates. (x.com)