AI expansion requires more than powerful GPUs. Data centres also need reliable electricity, efficient power management and high-speed connectivity. Companies such as CEG, NRG, COHR and MPWR could benefit from these structural requirements.

However, I remain cautious about interpreting recent gains as evidence of a broad market recovery. APP's nearly 49% five-day surge is impressive, but rapid price appreciation can also reflect speculative momentum and increasingly demanding valuations.

I would prioritise earnings growth, confirmed infrastructure orders, free cash flow and broader market participation before becoming more bullish.

Ultimately, sustainable rallies require improving fundamentals, not merely rising share prices. Until more sectors participate consistently, I would treat this as a selective recovery rather than a confirmed broad-based rebound.