IMEC: the shared lab where rivals co-invent future nodes

The chokepoint is pooled pre-competitive R&D: IMEC is the rare neutral venue where competitors (TSMC, Intel, Samsung, ASML, Nvidia) co-develop sub-2 nm nodes before fighting it out (revenue ~EUR 1.03 billion, over 5,500 staff, over 600 partners, 2024). Redundancy is low: rebuilding such a neutral consortium, its cleanrooms and early access to ASML's High-NA EUV tools would take years. Fragility: heavy reliance on Flemish and European public funding, and on cooperation among increasingly geopolitically rival players (2024).