July 28, 2025 03:12 PM GMT Global Technology AI Supply Chain: AI Capex, H20, and TSMC CoWoS Allocation Google's increased capex and doubled token processing indicate ongoing strength in AI demand . In AI semis, we are OW Nvidia, Broadcom, TSMC, Samsung, Alchip, MediaTek, Aspeed, Advantest, and KYEC. CSPs' AI capex and token output are the key demand gauges for AI semis, and so far so good: Google (covered by Brian Nowak) raised its 2025CY capex budget to US$85 billion from US$75 billion, reflecting addition ...