ann nana

Footage of Luigi Mangione in court today as the judge ruled his backpack was illegally searched by police and evidence collected at the McDonald’s will not be allowed at trial.

You think the AI bottleneck is HBM. You think it’s CoWoS. You think it’s GB200 cables or 800G optics or the Arizona power grid. You are looking at the wrong layer of the stack…. The REAL bottleneck is epoxy resin paste. Specifically, Liquid Compression Molding compound EME-G, a goopy, beige, photosensitive thermosetting resin that gets squeegeed onto HBM stacks before the mold press comes down and cures it. Without this paste, the silicon dies in an HBM stack delaminate, the TSVs crack, and your $40,000 GPU becomes an expensive paperweight. Sumitomo Bakelite (4203.T) makes roughly 90% of the world’s supply. The other 10% is split between Nagase ChemteX and Hitachi Chemical, both of whom buy precursor chemicals from Sumitomo Bakelite. The moat is vertical. The resin formulation is a trade secret developed over 38 years of iteration. It contains a specific ratio of silica filler to bisphenol-F epoxy with a coefficient of thermal expansion tuned to within 0.3 ppm/°C of silicon. Get the ratio wrong by 2% and the HBM stack warps during reflow. Samsung tried to qualify a domestic Korean alternative in 2022. They failed. SK hynix tried in 2023. They failed. Micron didn’t even try. Sumitomo Bakelite ships approximately $180M of EME-G annually at a gross margin of 74%. Each HBM stack consumes roughly $6 of resin. As Nvidia’s roadmap points to more and more HBM stacks the math is clear. Feynman GPU package has 8 HBM stacks. That’s $48 of Sumitomo Bakelite content in a $70,000 GPU. They are 0.07% of the BOM and 100% of the bottleneck. This is the most asymmetric pricing power in the entire AI supply chain and they are charging like it’s commodity epoxy because the company is run by Japanese chemical engineers who think 8% annual price increases are aggressive. In Q3 of 2026 the Nvidia Rubin Ultra ramp is scheduled and will trigger an EME-G shortage. Sumitomo Bakelite will have to raises prices 35%. The stock will get re-rated from “specialty chemicals” to “AI infrastructure.” Multiple expansion from 14× P/E to 38× P/E. It’s a three-bagger in 18 months and the stock is up >3% YTD.

Veteran buried his eldest and it’s not looking good for his two others. Posting for any connections, help that can be made while they fight for time.