Over the past few years, a series of global events have contributed to severe semiconductor supply chain disruptions, especially for leading-edge semiconductors. This has led to substantial government-led initiatives (e.g., the European Chips Act and U.S.’s CHIPS and Science Act) aiming to rebalance supply chains by increasing domestic semiconductor output. However, expanding domestic output in, for example, the Asia-Pacific, North America, or Europe faces substantial bottlenecks—and chief among these is the highly concentrated semiconductor manufacturing equipment market.