ENTITY · smic
Deal-Killer · Procurement Veto
SMIC is itself sanctioned (BIS-EntityList, NDAA-1260H, NDAA-CMIC); direct suppliers sanctioned: NAURA Technology [BIS-EntityList], AMEC (Advanced Micro-Fabrication) [BIS-EntityList, NDAA-1260H], Piotech [BIS-EntityList], Kingsemi [BIS-EntityList], Zhongke Feice Technology [BIS-EntityList], Shanghai Micro Electronics (SMEE) [BIS-EntityList], SiCarrier [BIS-EntityList].SMIC0981
China·pure play·major·$78.2B mkt cap
China's largest foundry, pushing advanced nodes despite export controls.
CRITICAL · 70–100
79/100 illustrative
Underwriting Thesis
CRITICAL — SMIC is itself sanctioned (BIS-EntityList, NDAA-1260H, NDAA-CMIC); direct suppliers sanctioned: NAURA Technology [BIS-EntityList], AMEC (Advanced Micro-Fabrication) [BIS-EntityList, NDAA-1260H], Piotech [BIS-EntityList], Kingsemi [BIS-EntityList], Zhongke Feice Technology [BIS-EntityList], Shanghai Micro Electronics (SMEE) [BIS-EntityList], SiCarrier [BIS-EntityList]. A sanctioned node in the immediate supply path is a binary procurement risk that overrides all favorable factors.
Factor Breakdown
Foreign-Origin Concentration77
Sole-Source Dependence75
Sanctions Exposure100
Downstream Criticality60
Sanctions Exposure
BIS-EntityListNDAA-1260HNDAA-CMIC
DoD Exposure
No matched DoD semiconductor awards (USASpending) for this entity.
Shortest paths → DoD-exposed firms
- Scale AI · 2 hops · $105.6MSMIC → NVIDIA → Scale AI
- GlobalFoundries · 3 hops · $1.05BSMIC → Broadcom → Furukawa Electric → GlobalFoundries
- Marvell Technology · 3 hops · $184.3MSMIC → Broadcom → InnoLight Technology → Marvell Technology
- Valens Semiconductor · 4 hops · $28.3MSMIC → Broadcom → Furukawa Electric → TSMC → Valens Semiconductor
Possible substitutes · same commodity buckets
Chokepoint Relationships
Key Suppliers · upstream · 29
- NAURA TechnologyChinaHostileADVERSARY
- HostileADVERSARY
- Shin-Etsu ChemicalJapanALLIED
- SUMCOJapanALLIED
- GlobalWafersTaiwanCHOKEPOINT
- SiltronicGermanyALLIED
- ADVERSARY
- Wafer WorksTaiwanCHOKEPOINT
- JSRJapanALLIED
- Tokyo Ohka KogyoJapanALLIED
- Air LiquideFranceALLIED
- LindeUnited KingdomALLIED
- Air ProductsUnited StatesDOMESTIC
- ASMLNetherlandsALLIED
- Applied MaterialsUnited StatesDOMESTIC
- Lam ResearchUnited StatesDOMESTIC
- Tokyo ElectronJapanALLIED
- KLAUnited StatesDOMESTIC
- ASM InternationalNetherlandsALLIED
- SCREEN HoldingsJapanALLIED
- Axcelis TechnologiesUnited StatesDOMESTIC
- ACM ResearchUnited StatesDOMESTIC
- PiotechChinaHostileADVERSARY
- KingsemiChinaHostileADVERSARY
- Hwatsing TechnologyChinaADVERSARY
- HostileADVERSARY
- HostileADVERSARY
- ADVERSARY
- SiCarrierChinaHostileADVERSARY