The Advanced Packaging Primer The value in AI semiconductors is increasingly moving off the wafer. Better transistors alone are no longer enough. Multiple compute dies and HBM have to be connected as one system, powered, cooled, and assembled without losing yield. That increasingly determines both performance and how many systems can actually ship. And the money is following. Processes that once sat quietly in the back end, including grinding and dicing, interposers and substrates, bonding, thermal materials, inspection, and test, are becoming much more equipment and capital intensive. But the economics are very different at each step. Some suppliers earn more every time another wafer or die passes through their installed base. Others are tied much more closely to a specific packaging format and its capex cycle. That distinction matters more as packages get larger, stacking gets more complex, and manufacturing moves toward new formats. Ozeco and I have been working on The Advanced Packaging Primer, a deep dive into where value is accumulating across this stack and which parts can hold onto it as the architecture changes. Publishing soon.