The AI infrastructure build-out has hit a constraint that cannot be resolved by writing a larger check. Three independent structural signals, converging within the same week of March 24, 2026, point to the same underlying reality: the physical capacity to manufacture leading-edge semiconductor packages for AI systems is not expanding as fast as the demand for them. This is a supply-side problem, and its resolution timeline is measured in years.
Why This Is Structural, Not Cyclical
Semiconductor capacity, specifically leading-edge advanced packaging at TSMC (2nm node plus CoWoS and SoIC packagi