Eliyan — AI supply-chain exposure

Eliyan is a fabless startup working on the plumbing between chiplets. Its NuLink die-to-die PHY is the physical-layer interconnect that lets separate silicon dies talk to each other at high speed, and its pitch is doing so on standard organic packaging rather than the scarce advanced silicon interposers that most chiplet designs require today. Its investor roster — Intel, Micron and Samsung — signals that the parts of the industry closest to packaging and memory take the approach seriously.

The structural bet is that as processors fragment into chiplets, the interconnect between them becomes as important as the dies themselves, and that relieving the dependence on advanced packaging capacity is valuable when that capacity is a persistent bottleneck. If NuLink is adopted, it sits at a leverage point in how AI silicon is assembled. As an early-stage private company it stays lightly weighted — an option on the packaging layer, not an established supplier.