Upstream

Upstream

AI Compute

The circular AI trade, mapped

Jun 30, 2026

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4 min read

The circular AI trade, mapped

A worked example of the well-known circular AI trade, traced through NVIDIA: its customers, its suppliers, and the companies it funds to buy its own chips.

Jonathan David
Jonathan David

physical AI / robotics

The humanoid joint is going to China

Jun 23, 2026

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3 min read

The humanoid joint is going to China

Optimus's actuator supply chain is quietly relocating to China. The map, scored and sourced.

Jonathan David
Jonathan David