Good piece on Bloomberg Intelligence and for those with HELIUM exposure. • Qatar’s shutdown of LNG production has taken about a third of global helium production offline, affecting chipmakers who rely on helium for semiconductor manufacturing. • Helium has no viable substitute in the chip manufacturing process, and no other source can immediately replace Qatar's supply, with helium containers already filled before the war remaining stranded • If the disruption persists, helium shortages could force chipmakers to deprioritise lower-margin product lines, reinforcing the existing allocation toward AI memory and deepening an already severe memory shortage