The investments required to stay at the leading edge—where the most advanced chips are made—has whittled down the number of semiconductor competitors from more than 20 in 2001 to just two today. “There’s really only so much room at the leading edge, just because of the huge capital costs involved,” said Will Hunt, a research analyst at Georgetown University’s Center for Security and Emerging Technology.

That cost is driven by the price of the equipment that’s required to etch ever-smaller features onto chips. A few years ago, the industry began to use extreme ultraviolet lithography (EUV) to shrink transistor sizes. EUV machines are marvels of physics and engineering, and one tool costs upwards of $120 million. To stay relevant, companies will need to buy a dozen or more annually for the next several years.

Ars Technica

Ars is a treasure.

Also, the semiconductor industry is super interesting from every perspective, science, business, engineering, and even politics! Stratechery is a great resource.