November 1, 2025
Chips, dips, and drama
I think Substrate is a $1B Fraud
Substrate slammed as “Theranos of chips”; comment wars explode after mod move
TLDR: A viral post accuses chip startup Substrate of making grand, unproven claims and lacking credible evidence. Commenters split between calling it a likely scam and urging caution, with moderators redirecting the pile-on; it matters because billions hinge on whether anyone can actually disrupt chip manufacturing.
The internet grabbed popcorn and called Substrate the Theranos of chips after a viral post accused the startup of hyped claims, shaky credentials, and a too-small lab. The founder is described as a serial over-promiser, the cofounder is a brother with no public resume, and job listings look suspiciously AI-written. Skeptics screamed show the wafer and reminded everyone that making chips is like a printing press for atoms—not a garage project. They point to ASML’s extreme ultraviolet (EUV) machines (giant tools that print tiny patterns with very strong light), which took chip giant TSMC five years to get into mass production. Meanwhile, a moderator shuffled the commentary to an earlier thread, turning the pile-on into a relay race: link.
Drama exploded across threads. The loudest voices say direct-write chip making (think “handwriting” a billion times) can’t beat the printing-press method without evidence, and Substrate’s timeline sounds like sci‑fi. Memes flew: “two brothers beat a $400B industry,” “AI wrote their job ads,” and “garage EUV by flashlight.” A small crew pushed back—NDAs, prototypes, and “let them cook” energy—warning against instant cancellation. But the skeptics kept dunking: extraordinary claims need receipts. The community mood? Suspicious, hilarious, and thirsty for proof—preferably a real wafer, not a vibe.
Key Points
- •The author alleges that Substrate makes extraordinary, unevidenced claims about drastically cheaper, higher-quality chip manufacturing.
- •The article claims Substrate’s founder has a history of alleged scams, the cofounder lacks documented experience, and job postings appear AI-generated.
- •Photos of Substrate’s facility are described as too small by orders of magnitude for the claimed work, according to the author.
- •The article explains that mask-based scanning lithography enables high-volume manufacturing, whereas direct-write approaches face severe throughput and consistency limits.
- •ASML delivered EUV scanners to TSMC in 2014, and TSMC took about five years and heavy R&D to reach high-volume manufacturing, illustrating adoption timelines.