其次，价值正在向封装环节转移。在高端AI加速器中，先进封装的成本占比已显著提升，成为与芯片设计、制造同等重要的价值创造环节。根据市场预测，全球先进封装市场的规模将从2026年的约448亿美元，增长至2034年的超过700亿美元。3D封装市场的年复合增长率预计将接近15%。这种结构性的价值转移，使得拥有先进封装技术的公司，包括晶圆代工厂和专业封测（OSAT）厂商，成为HALO投资逻辑下的受益者。
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The one good monopoly
Water and dust resistance rating
Git packfiles use delta compression, storing only the diff when a 10MB file changes by one line, while the objects table stores each version in full. A file modified 100 times takes about 1GB in Postgres versus maybe 50MB in a packfile. Postgres does TOAST and compress large values, but that’s compressing individual objects in isolation, not delta-compressing across versions the way packfiles do, so the storage overhead is real. A delta-compression layer that periodically repacks objects within Postgres, or offloads large blobs to S3 the way LFS does, is a natural next step. For most repositories it still won’t matter since the median repo is small and disk is cheap, and GitHub’s Spokes system made a similar trade-off years ago, storing three full uncompressed copies of every repository across data centres because redundancy and operational simplicity beat storage efficiency even at hundreds of exabytes.