$NVDA $AMKR $ASX 2449 TT 4062 JT 3037 TT 009150 KS NVIDIA is now paying its suppliers up front to build capacity: $1.1bn to KYEC for new US test plants, and a "multibillion-dollar" advance to IBIDEN for substrates. Jensen Huang's line at GTC Berlin today was "Demand is extraordinary. Capacity is the constraint." The release names four stages, each with a target and a date (chart 2): Substrates: 2.5x capacity over three years. IBIDEN's Ono plant in Japan goes to 3x, ramping from early 2028. Samsung Electro-Mechanics joins as a new supplier with capacity now and new plants in Sejong and Busan. Unimicron starts adding capacity in 2Q27 and reaches full capacity by mid-2028. Advanced packaging: Amkor raises interposer wafer capacity in Korea by more than 300% by the end of 2028, which means more than 4x. Testing: NVIDIA's total test capacity doubles from 2026 to 2027. KYEC's US plants reach volume in April 2027, Singapore in February 2027. Co-packaged optics: SPIL, part of ASE, raises optical-engine capacity 15x by mid-2027 and aims to double it again by the end of 2028. The prepayments are the part I'd focus on. A supplier won't build a plant on its own balance sheet for one customer's forecast, so NVIDIA is carrying part of that risk itself. It also tells you where NVIDIA expects to run short in 2027 and 2028: substrates, interposers, test and optical engines, all of them steps after the wafer leaves the fab. That lines up with Taiwan's September export orders, out yesterday. Orders for Taiwan-made electronics ran at 0.99 times what Taiwan shipped in components, about level with what the island can deliver for the fourth month running. Today's announcements are the capacity side of the same picture. Amkor was up about 7% before the US open. IBIDEN, KYEC, Unimicron, Samsung Electro-Mechanics and ASE all trade in Asia, which had closed before the keynote, so their first reaction comes tomorrow. Which of the four stages do you think stays tight longest?