The semiconductor industry powers modern technology, from consumer electronics to data centers. This background note explores the layers of the semiconductor inudstry value chain, including Integrated Device Manufacturers (IDMs), fabless companies, and foundries, while detailing the critical role of chip design, manufacturing, and market dynamics in the global supply chain.
This case study examines Nvidia's strategic pivot from gaming GPUs to becoming a leader in general-purpose computing and AI. It explores how Nvidia leveraged its GPU architecture to dominate the growing fields of data center acceleration and AI training, outpacing competitors. Key themes include the evolution of Nvidia’s product lines, its ecosystem-driven strategy (CUDA), and the company’s role in advancing AI technologies across industries. This transition has positioned Nvidia as a critical player in the future of AI-driven computing, reshaping both the company and the broader semiconductor landscape.
What is a realistic and positive outcome for US-China relations in the realm of global finance over the next ten years? While some policymakers, especially in the US, have feared that China holds ambitions for the renminbi (RMB) to replace the dollar as a global reserve currency, we argue that this is far from the case. China’s ambitions have been to internationalize the renminbi, but, as a result of domestic financial turmoil and a reckoning over the tradeoffs of sovereignty and currency internationalization, those ambitions have been moderated substantially over the last decade. We argue that the US ought to encourage renminbi internationalization as a costless means of assurance to China, to incentivize reform and moderation, and to encourage a system of monetary co-existence that neither strains the dollar nor generates a bifurcated global financial system.
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