So, I've identified a few phases/subsectors of the current AI hype cycle since the release of ChatGPT in November 2022:
1. The Compute Arms Race (Nov 2022 - early 2024)
NVDA ca 22x; SMCI 15x, TSM 5x
1.5 The Memory Wall (mid-2023 - now)
SNDK 25x, MU 10x, WDC 10x, SK Hynix 16x
2. The Physical Bottlneck (late 2023 -mid 2025)
VRT 26x, VST 7x, CEG 4x
2.5 The Optical Interconnect Phase (Nov 2022 - now)
LITE 20x, COHR 11x, AAOI 87x
3 The Inference & Agentic Buildout (Nov 2022 - now)
PLTR 30x, ANET 5x, NBIS 8x
The stock selection is not exhaustive.
Do you have any ideas of under-the-radar, around-the-corner beneficiaries of the current AI cycle that would be good candidates for Nx performance?