The AI supply chain has the craziest value cascade of any industry in the world. thinks that over the next five years, the biggest bottleneck to deploying AI will be EUV machines. ASML sells EUV machines for $300-400 million. You need about three and a half machines, so $1.2 billion, to produce a gigawatt of compute each year. So $1.2 billion of ASL and ML machines are producing $35 billion worth of NVIDIA chips a year (and of course those machines can be used over many years). Then those…