Substrate’s claims about revolutionary ASML-beating chipmaking technology scrutinized, analyst likens the venture to a fraud — report pokes holes in the startup’s technology, messaging, and leaders

The Substrate startup has been doing the rounds in the news lately, thanks to its proposition of making chips using particle accelerators and X-rays instead of conventional EUV lithography, claiming it can eventually have angstrom-sized features at only $10,000 per wafer—in U.S. fabs, no less. Those are bold claims, and an article by Fox Chapel Research (FCR) is seriously questioning whether they pay off.

The write-up is the first of two parts, and takes aim at not just the seemingly outlandish…