INVESTIGATION
The Two Companies Without Which the World Stops
TSMC
Seventy percent of the world's chips are printed on one island.
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ASML
One company builds the only machines that can print them. No one else.
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THE STRAIT
Ninety-two percent of advanced logic sits within missile range.
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THE FOUNDRY
TSMC ate the industry — one foundry to print them all.
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THE MACHINE
Each extreme-ultraviolet machine costs more than a fighter jet.
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THE TIGHTEST CHAIN
The tightest chokepoint in the global economy fits inside a single factory.
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THE QUESTION
What happens the week the machines stop?
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NO SINGLE CAPITAL OWNS THE WHOLE TRUTH
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