Refined gallium metal and nitride feedstock, recovered mainly as a byproduct of aluminum and zinc refining. It feeds wide-bandgap power-conversion devices used in dense computing racks. Output is concentrated in a few regions and slow to scale under export licensing.
A sustained tight read means refined gallium supply is short relative to demand from wide-bandgap power devices, so buyers of that feedstock compete for a limited, regionally concentrated pool. Because gallium is recovered as a byproduct of aluminum and zinc refining and its output is governed by export licensing, supply cannot ramp on demand alone. Relief comes only as new refining or recovery capacity qualifies and licensing eases, over quarters rather than a single order cycle.