Intel Foundry just partnered with Elon Musk’s Terafab. What is Terafab anyway, why vertically integrated fabs make sense but the economics don’t (yet!), and what Intel is doing here (hint: no idea).

Then: OpenAI acquires TBPN for an estimated $100-300M. Not sure why, but the more interesting thing is the value of niche audiences when five companies control a trillion dollars in AI capex.

And finally, Citrini Research sent an analyst to the Strait of Hormuz with a Pelican case full of spy gear, $15K cash, and Cuban cigars. The most unhinged research trip in Substack history.

Austin Lyons — Chipstrat (https://chipstrat.com)                                                              Vik Sekar — Vik's Newsletter (https://www.viksnewsletter.com)

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