In the end, something has to transform electrons to tokens. The transformation of electrons to tokens and making those tokens more valuable over time is hard to completely commoditize.
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No other company, no other country in the world can make these so-called EUV uh machines. And without them, you simply can't make the world's most advanced semiconductors.
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The danger in technology investing is that S-curves nest inside S-curves. You can be right about the ultimate destination and completely wrong about the timing, and if you're wrong about the timing in a leveraged way, you don't get to be right about the destination.
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