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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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      "text": "Taiwan continues to reign supreme in terms of leading-edge manufacturing capacity, maintaining massive advantages in both generation and volume.",
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      "text": "Thus far, SME export controls appear to have proven effective at slowing Chinese capabilities. Expectations remain that SMIC will launch full-scale 5nm operations early next year, yet yields are unlikely to reach the levels of other industry leaders. Furthermore, this limited capacity must also be spread across a wide base of other consumer products - such as cell phones and laptops.\nTSMC Fab 21 Phase 1 has worked to onshore critical capacity back to the United States. While AMD will direct some of this capacity toward the production of its AI chips, advanced packaging will still be performed in Taiwan. The US remains years away from self-sufficiency.\nTaiwan cruises ahead, while also maintaining capacity at many processes behind its own domestic leading-edge. Yet, much of that capacity will continue to be rapidly converted to 2nm and 3nm.",
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      "text": "Racing toward indigenous semiconductor capacity",
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