Why Chokepoints are the New Moats: The Reality of De-dollarisation, ASML, and Software Control

In the current global landscape, the traditional definitions of geopolitical power are being redefined. We are entering an era of "Economic Warfare," where the control of critical supply chains, software ecosystems, and financial protocols has become the primary instrument of statecraft.In this deep-dive conversation, Saurabh Mukherjea (Founder, Marcellus Investment Managers) and our Head of Global Research, Jaibir Sethi examine the systemic "chokepoints" that govern the modern economy.The discussion provides a framework for understanding how institutional power is exercised through platform exclusion and hardware monopolies. We analyze why a country’s technological sovereignty is often tethered to foreign-owned software licenses and the specialized tools required for advanced manufacturing.Key Topics Covered:The Weaponization of Interdependence: How global payment protocols and clearing systems act as an invisible layer of strategic control.The Lithography Bottleneck: A clinical analysis of the ASML-SMIC standoff and the high-tech ceiling imposed on global chip manufacturing.Ecosystem Displacement: Lessons from the 2019 Huawei case regarding the fragility of building businesses on third-party software platforms.The "Landlord vs. Tenant" Framework: Why Marcellus prioritizes "Landlord" companies—entities that own the essential infrastructure of global commerce.