1. NVDA, the compute toll booth. If GPU demand stays supply-constrained, pricing power remains exceptional.
2. MU / HBM memory suppliers, because memory is now mission-critical, not a commodity add-on.
3. VRT and cooling/power infrastructure names, the overlooked backbone of AI scaling.
4. Fibre/networking plays such as ANET, where bandwidth becomes as valuable as compute.
5. Select utilities, land and data centre REITs, where scarcity can drive repricing.
On sky-high capex: bullish near term, but execution risk rises sharply.
If AI monetisation lags infrastructure build, markets may start questioning ROI. Until then, the shovel sellers are still in the strongest position.
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