SemiAnalysis argues N3 chip demand far exceeds consensus accelerator models, implying a structural silicon shortage not priced by markets. SemiAnalysis published a thread arguing that most consensus accelerator models have not caught up to where N3 demand is actually heading. The analysis implies a structural silicon deficit that current market forecasts have not priced in. Key facts SemiAnalysis: consensus accelerator models underestimate N3 demand. The firm's 'Great AI Silicon Shortage' piece is the source. N3 is the process node for NVIDIA Blackwell and AMD MI300. SemiAnalysis did not disclose specific wafer figures in the thread. The claim implies a multi-year capacity mismatch. SemiAnalysis published a thread on X arguing that the conversation about leading-edge capacity has shifted entirely, and that most consensus accelerator models haven't caught up to where N3 demand is actually heading. The firm's "Great AI Silicon Shortage" piece, linked in the thread, is the source of this claim.…