How AI Factories are creating new winners beyond Nvidia?

For more than three decades analyzing semiconductor equipment markets, I learned that market share losses often become self-reinforcing. A company that loses technological leadership at one process node frequently loses additional share at the next node as customers migrate toward best-of-breed solutions. In lithography, deposition, etch, and process control, market share often reflects technology leadership, and once leadership is lost, it can be difficult to regain.