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The real constraint isn't chips. It's what connects them.

One ton of ore per day is all the country produces right now.

The Pentagon had the money but ran out of sellers.

One company sets the price with no exchange and no alternative.

Three funded facilities. None producing yet.

Two programs now compete for the same scarce input.

Warrants, creditor payoffs, and one factory kept alive.

Every new smelter breaks ground after the deadline hits.

The deficit won't close before 2030.

Domestic factories arrive a full year after the deadlines do.

A 50% tariff closed the only workaround manufacturers had.

The bottleneck sits between the mine and the metal.