I’ve been going down a bit of a rabbit hole lately trying to build an AI-focused portfolio, but not just the usual NVDA/MSFT stuff everyone already talks about.
Instead I’ve been looking more at what actually enables AI to scale, like the stuff that becomes a bottleneck if demand keeps growing.
Right now I’m looking at a few areas:
Memory / scaling side
MU
SK Hynix
Samsung
My thinking here is pretty simple, AI workloads seem insanely memory-heavy (especially HBM), and if that keeps ramping, memory might end up being just as important as the GPUs themselves. Not sure if that’s already fully priced in though.
Power / energy
BE
This one is more of a “what if” idea. If data centers keep scaling the way people expect, power becomes a real constraint. Bloom seems interesting because of the on-site generation angle, but also feels pretty speculative tbh.
Less obvious chip stuff
VICR
From what I understand, as chips get more powerful, power delivery becomes a bigger issue too. VICR popped up a few times when I was digging into that, but I don’t have super high conviction yet.
Overall I’m not really trying to pick which AI company wins, just assuming demand keeps growing and trying to sit somewhere in the supply chain instead.
Couple things I’m still unsure about:
Is this “bottleneck” angle actually a good way to play AI, or am I just late to it?
Out of these, which ones are actually solid vs just good stories?
Are there any similar names you guys are looking at that aren’t the obvious mega caps?
Would be keen to hear what others are doing, especially if there are risks here I’m missing.
Posted by weeluc
9 Comments
Allbirds
lol almost all of these are already a big deal. Did you do any research? Have you heard of bloom energy, oh you mean the energy stock that oracle made a huge commitment to earlier this week.
MU at 8x forward PE when every single hyperscaler just said they’re going to spend more on Capex as their revenue growth accelerates is ludicrous.
You’re not late.
I’m surprised LITE is missing from your portfolio…or any of the photonic players.
Nokia for the AI/ upgraded 5G for AI use and future 6G plans. 6G will be built with AI and Quantum computers mad part of the design philosophy.
https://www.nokia.com/6g/ Charting the path to 6G | Nokia.com
Also created a spin off company for its space communications business. Has contracts with NASA for Artemis missions.
Over last year up around 150%. Still relatively cheap at around $11 a share.
CLS
The bottleneck angle makes sense, but a lot of those names are still second-order bets on one theme so you can end up more correlated than it looks. I’d separate ‘must own if AI keeps compounding’ from ‘cool story if capex stays hot’ and keep the speculative bucket much smaller.
Could look more into the picks-and-shovels type of play. Cooling will be a major factor in datacenters(Vertiv, Eaton, etc). You’ve already been looking into power. What about networking, optical and photonics, semiconductor cleaning and servicing, or even waste management?
Du denkst völlig falsch mmn.
Du schreibst für 6-12 Monate, die KI Industrie ist aber noch relativ am Anfang, die Ausgaben werden immer noch weiter steigen.
Deshalb empfehle ich dir AVX (advanced Energy Industrie Systems).
Allerdings eher für 3-5 Jahre weil sie noch schön wachsen werden.
Nicht im europäischen Handel kaufen der Spread ist vor 10 Uhr meistens viel zu hoch.