Where the math is defensible.
Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
India PLI at Five: Modi 3.0 Capex, the Electronics Export Ramp, and the Subsidy Reckoning of 2026
Five years and roughly INR 1.97 lakh crore of approved outlay later, the Production-Linked Incentive program meets a record FY26 capex budget, a first wave of fab approvals, and a 26 percent US reciprocal tariff. We assess what worked, what did not, and where the next rupee belongs.
By the end of FY24, Department for Promotion of Industry and Internal Trade (DPIIT) reporting put cumulative PLI-induced investment near INR 1.4 lakh crore, production above INR 12.5 lakh crore, and exports above INR 4 lakh crore across 14 sectors. Mobile phones carry the headline: roughly 14 percent of global iPhones are now assembled in...
TSMC's Three Continent Fab Ramp: Arizona, Kumamoto, Dresden, and the Cost of Geographic Diversification
Arizona Phase 1 production live, Phase 2 4 nm pulled forward, Kumamoto JASM Phase 1 in volume, Dresden ESMC ground broken, and capex per wafer above the Taiwan baseline. The geographic diversification is happening; the unit economics still favor Hsinchu and Tainan.
TSMC's overseas footprint is no longer a slide deck. Arizona Fab 21 Phase 1 began commercial 4 nm production in 2024 with first revenue in late 2024 and Apple, AMD, and Nvidia chipsets ramping through 2025. Phase 2, originally scheduled for 3 nm in 2028, was pulled into a 4 nm and 3 nm dual-node configuration with first wafer outs targete...