If I had to pick one piece of the AI infrastructure stack for the next six months, I would choose memory/storage, with Micron (MU) as my preferred exposure.
AI is increasingly becoming a data-movement problem, not just a compute problem. HBM demand remains strong, while AI servers are also driving significant demand for high-performance SSDs and NAND. Tight supply and improving pricing could provide additional operating leverage.
Micron is particularly interesting because it has exposure across HBM4, conventional server DRAM and enterprise SSDs, giving it multiple ways to benefit as AI infrastructure scales.
Power could ultimately become the biggest bottleneck, but power-generation and grid projects generally have longer lead times. Chips remain attractive, but valuations and expectations are already high across several AI leaders.
For the next six months, my ranking would be:
Memory/Storage > Chips > Power > Compute.
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