More Than Semi . More Than SEMI 半导体行业研究 芯片制造行业，长期以来似乎被一种惯性所主导，头部企业的技术决策往往受限于我们一直都是这么做 的，对任何可能的技术回归或改变都抱有极大的恐惧。这种惯性渗透在生产的每一个细节里，比如光刻 车间的照明颜色，即便晶圆厂早已明确，传统的黄色灯光对光刻胶不再存在任何影响风险，却依然被保 留至今，没人愿意迈出改变的第一步。这种对既有路径的依赖，在近年来愈发明显：即便现有技术的缩 放速度不断放缓、成本持续飙升，芯片制造商们仍倾向于在原有技术框架内迭代，而非探索全新路径。 以下文章来源于More Than Semi ，作者Nico ASML的一款 roadmap 工具就是典型例子 ，该公司甚至公开承认，这款工具可能并不具备经济可行 性，但行业内的企业却很难轻易放弃既有的技术体系。毕竟，当前的光刻工具和晶圆厂能带来巨额利 润，一台售价 2.25 亿美元的 EUV 工具，一年就能生产出价值超过 6.5 亿美元的完整晶圆（尽管生产这 些晶圆还需承担除 EUV 工具外的诸多成本）。这种高投入高回报的现状，让大多数企业不愿冒险打破 平衡，却也为敢于创新的后来 ...

Core Viewpoint - The article discusses the emergence of Substrate, a startup founded by James Proud, which aims to revolutionize semiconductor manufacturing by developing a new, cost-effective lithography technology that could challenge the dominance of ASML and TSMC in the industry [1][4][19]. Group 1: Company Overview - Substrate has raised over $100 million from investors, including notable figures like Peter Thiel, and is valued at over $1 billion [4]. - The company plans to establish a manufacturing facility in the U.S. to reduce reliance on overseas suppliers, aligning with national security priorities [4][19]. - Substrate's technology involves using particle accelerators to create a new type of lithography tool, which could potentially lower manufacturing costs by half [1][3]. Group 2: Technology and Innovation - The startup aims to combine proprietary particle accelerators with custom lithography machines to achieve high-resolution microchip layers comparable to those produced by leading semiconductor manufacturers [1][13]. - Substrate claims its machines can print features at 12 nanometers, matching the capabilities of ASML's latest high-NA EUV machines [13][15]. - The company has demonstrated its system at U.S. national laboratories, achieving complex patterns on wafers [14]. Group 3: Challenges and Industry Reception - Despite significant funding and ambitious plans, Substrate faces skepticism from government scientists and the semiconductor industry regarding its ability to replicate the complex supply chain within three years [4][8]. - Concerns have been raised about the reliability of using a single particle accelerator as a light source for multiple tools, which could lead to factory downtime if it fails [8]. - The company has encountered challenges in securing government funding, with initial requests for over $1 billion from the CHIPS Act being rejected [8]. Group 4: Future Plans and Goals - Substrate aims to establish a vertically integrated foundry in the U.S. for custom semiconductor production, requiring significant capital investment potentially in the range of billions of dollars [19][20]. - The company is in discussions with Texas A&M University to build a particle accelerator and factory, with an estimated investment of around $10 billion [20]. - Proud emphasizes the need for innovative solutions in semiconductor manufacturing, stating that creating a better alternative is essential for the industry's future [21].

Core Insights - Substrate, a startup founded by James Proud, aims to revolutionize semiconductor manufacturing by developing a cost-effective alternative to ASML's advanced lithography machines, potentially reducing manufacturing costs by half [1][4][15] - The company has secured over $100 million in funding from notable investors, including Peter Thiel's Founders Fund, and is valued at over $1 billion [4][17] - Substrate's technology involves using a particle accelerator as a light source for X-ray lithography, which the company claims can achieve resolutions comparable to the latest ASML machines [12][13][15] Company Overview - Substrate was founded in January 2022 by James Proud and his brother Oliver, who have backgrounds in technology and entrepreneurship [6][7] - The company is based in San Francisco and has grown its team to 50, including engineers from major tech firms like TSMC, IBM, and Google [7] - Substrate's goal is to establish a manufacturing facility in the U.S. to reduce reliance on overseas suppliers, aligning with national security priorities [4][16] Technology and Innovation - Substrate's approach combines proprietary particle accelerator technology with customized lithography tools, aiming to commercialize a previously uncommercialized process [6][12] - The company claims to have achieved a resolution of 12 nanometers, suitable for producing chips at the cutting-edge 2-nanometer technology node [13][15] - Substrate emphasizes that it does not rely on externally produced lithography tools or intellectual property, claiming a differentiated technology [15] Market Position and Challenges - Despite significant funding and technological advancements, Substrate faces skepticism from industry experts regarding its ability to replicate the complex semiconductor supply chain within its projected timeline [4][8] - The company has encountered challenges in securing government funding and support, particularly from the Biden administration, which has raised concerns about its proposed funding requests [8][10] - Substrate's long-term vision includes becoming a major player in semiconductor manufacturing, potentially rivaling TSMC and ASML [16][17]

Core Viewpoint - The article discusses the emergence of Substrate, a startup founded by James Proud, which aims to revolutionize semiconductor manufacturing by developing a new technology that could significantly reduce production costs and challenge established players like ASML and TSMC [2][4][15]. Group 1: Company Overview - Substrate has raised over $100 million from investors, including Peter Thiel's Founders Fund, and is valued at over $1 billion [4]. - The company plans to establish a manufacturing facility in the U.S. to reduce reliance on overseas suppliers, aligning with national security priorities [4][17]. - Substrate's technology involves using a particle accelerator as a light source for a new type of lithography, which could potentially match the resolution of ASML's advanced machines [12][15]. Group 2: Technology and Innovation - The startup aims to combine proprietary particle accelerator technology with custom lithography tools to achieve commercial viability [12][15]. - Substrate claims its machines can print features at 12 nanometers, comparable to the latest high-NA EUV machines from ASML [13][15]. - The company has demonstrated its system at national laboratories, creating complex patterns on wafers [13]. Group 3: Challenges and Market Position - Substrate faces skepticism from industry experts regarding its ability to replicate the complex semiconductor supply chain within three years [4][8]. - The company has encountered challenges in securing funding from government initiatives, with initial requests for over $1 billion being denied [8]. - Despite the challenges, Substrate's founders believe that their approach could provide a viable alternative in the semiconductor market, especially as the U.S. seeks to bolster its domestic manufacturing capabilities [18].