Themes - SysMoore & Hardware Renaissance In The Next Decade (Pt.1)

US sanctions bought time, not a lead. Huawei’s CIDM now ships Kirin 9050 with 1.5 µm wafer-to-wafer bonds — about 6× finer than TSMC SoIC. A coarse bond stacks two chips. A fine bond folds one circuit: two wafers, one netlist, one chip.

Cerebras can generate tokens at extraordinary speed for a handful of users, but NVIDIA’s GPU architecture delivers superior economics at scale. This report explains why the fastest AI inference system does not necessarily make the best mass-market token factory — or the better investment.

Agentic AI is forcing SaaS down one of three routes: full replacement, headless survival, or owning the agentic layer. Part 1 maps the paths and scores 22 public SaaS names on our VAR-Resistance Scorecard — only two emerge as Agentic Compounders.