The expansion of leading-edge wafer capacity from TSMC, Intel, and Samsung is viewed as bearish for the ASIC design business over the next few years. The author argues that vendors like Broadcom, MediaTek, and Marvell lack differentiation, as evidenced by Google frequently swapping vendors for its TPU production. Furthermore, large fabless companies such as AMD, Apple, and Nvidia avoid outsourcing to ASIC design houses to prevent margin dilution and retain control over proprietary IP.