According to CoinMeta, Ajinomoto is a company that has been established for 117 years and controls over 95% of the supply of materials required for each advanced AI chip. NVIDIA, Intel, and AMD all rely on Ajinomoto's build films to insulate the microcircuits inside the chip substrates. A single AI accelerator requires 8 to 16 layers of this material. Ajinomoto expects to raise prices by 30% this quarter, and a supply shortage is expected to continue until 2027.