Beneficiary of the 'innermost loop' where demand for compute is described as infinite; legacy chips remain in high demand.

Continues to dominate the market with high demand for both new and legacy chips like A100s.

The 'picks and shovels' play for AI; revenue and profit growth justify its high valuation multiple.

Primary vehicle for wealth creation in the AI infrastructure layer.

Investing $5 billion in Intel for custom CPUs while dominating the AI sector; remains a core component of the concentrated 'AI Big Ten'.

Remains the foundation of the AI boom with reasonable valuation relative to growth; supplier of H100 and Blackwell chips for massive data center clusters.

Investing $5 billion in Intel to build custom data center CPUs and securing foundry partnerships.

New GPUs are driving high bandwidth memory demand; stock saw 7% growth in a week.

Benchmark for the AI infrastructure trade; hardware bottlenecks are primary beneficiaries of the current tech cycle.

Securing supply chains through partnerships and benefiting from a decades-long infrastructure build-out.