By 15 September ET, the broad market keeps printing fresh highs, and a raft of AI-supply-chain names are slicing through prior peaks in an accelerating sprint.
Of the 18 best September performers inside the $S&P 500(.SPX)$ , $Warner Bros. Discovery(WBD)$ tops the list with a 67 % surge.
Ten of those winners are simultaneously carving all-time records: $Oracle(ORCL)$ , $Micron Technology(MU)$, $Paramount Skydance Corp(PSKY)$ , $Broadcom(AVGO)$ , $Seagate Technology PLC(STX)$ , $Lam Research(LRCX)$ , $Alphabet(GOOG)$ , $Corning(GLW)$ , $KLA-Tencor(KLAC)$ and $Vistra Energy Corp.(VST)$.
$Alphabet(GOOG)$ market capitalization exceeded $3 trillion for the first time, becoming the fourth after $NVIDIA(NVDA)$ , $Microsoft(MSFT)$ and $Apple(AAPL)$ .
Observationally, the companies performing well in the above table appear to be concentrated in two key sectors benefiting from "spillover of AI demand" and "increased asset pricing."
In addition, all 18 companies are distributed across the upstream, midstream, and downstream of the AI industry chain.
Upstream AI companies in the chip/storage/equipment/testing sectors are likely capitalizing on the AI capital expenditure wave.
Midstream cloud/content/bandwidth/power companies are likely securing AI-driven orders or subsidies.
Downstream automotive/healthcare/insurance companies are leveraging the AI narrative to recover valuations.
Combined with multiple catalysts such as mergers and acquisitions, spinoffs, price increases, and policy subsidies, this has led to a broad-based rally.
We have divided the 18 companies in the above table into two tables( Data as of September 15th 2025):
1. Overview of Companies Rising in the Content and M&A/Policy Revaluation Chain (Film and Television/Automotive/Healthcare/Insurance):
September Return Rank in SPX. | Company & Ticker | MTD Gain | One-sentence Bull Case |
1 | 67.2 % | Take-out by Paramount Skydance + break-up value unlock. | |
5 | 26.4 % | Reverse merger closed + optionality on re-merging with WBD. | |
7 | 22.8 % | Robotaxi CyberCab reveal + FSD China approval buzz. | |
16 | 12.4 % | MA rate hike + pharmacy asset sale cash infusion. | |
17 | 12.3 % | Optum AI coding saves \$1.2 bn + \$5 bn buy-back. |
2. Overview of the growth of AI hard technology chain (chips/storage/equipment/cloud/bandwidth/power) companies:
September Return Rank in SPX. | Company & Ticker | MTD Gain | One-sentence Bull Case |
2 | 33.6 % | AI-cloud bookings doubled + data-center “cross-lease” deal with AWS. | |
3 | 32.6 % | HBM3E qualified by NVIDIA; AI DRAM capacity fully sold out through 2026. | |
4 | 27.5 % | NAND price hikes + NAND/HDD split to unlock value. | |
6 | 26.1 % | AI near-line HDD prices up; 30 TB HAMR in mass production. | |
8 | 22.4 % | AI ASIC orders +220 %; new 3 nm SerDes portfolio. | |
9 | 19.0 % | AI packaging / HBM equipment demand + CHIPS Act subsidies. | |
10-11 | 18.0 % | Gemini 2.0 rollout + \$50 bn buy-back + EU antitrust fine lifted. | |
12 | 16.3 % | iPhone 17 ultra-crystal glass + Microsoft AI fiber-cable order. | |
13 | 14.1 % | Texas power spikes > \$300 / MWh; gas-fired units cash in. | |
14 | 13.4 % | 3 nm defect-inspection demand + mega-order from TSMC. | |
15 | 12.9 % | Nuclear subsidy + 1.2 GW Microsoft PPA. | |
18 | 10.1 % | AI-storage certifications + all-flash array orders up for third straight quarter. |
3. Detailed September catalysts, headline timeline and sell-side/consensus expectations (sources: web, for discussion only)
$Warner Bros. Discovery(WBD)$ +67% in September.
Catalyst: Paramount Skydance cash-offer rumour + mgmt confirmed plan to split into "Content+Streaming" and "TV Networks" by 2026.
News: 9/12 WSJ—Ellison family to fund deal, EV > US$50 bn; 9/14 stock hits highest since 2023.
Expectation: PT US$13.1 (–33% vs. close); deal still needs antitrust OK—event-driven traders active.
$Oracle(ORCL)$ +34% in September.
Catalyst: FY-26 Q1 guide blew out—AI cloud bookings +82% YoY, RPO first time > US$100 bn; "mutual" data-centre lease pact with AWS.
News: 9/09 earnings call; 9/11 "dual Supercloud" MoU with Amazon.
Expectation: consensus PT raised to US$380 (from 340); 20 of 25 analysts Buy; see 18% EPS CAGR 2026-28 on AI workload migration.
$Micron Technology(MU)$ +33% in September.
Catalyst: HBM3E 12-hi qualified for NV H200, entire CY-26 capacity sold; mgmt sees AI DRAM bit CAGR 35% 2025-27.
News: 9/05 Micron Insight day; 9/10 3 nm HBM4 controller wafer start at TSMC.
Expectation: average PT US$175 (11% upside); Street modelling EPS US$8.5 in 2026 vs. –US$0.4 in 2025.
$Western Digital(WDC)$ +27% in September.
Catalyst: NAND pricing up-cycle + Form-10 filed 9/15 for NAND/HDD split, close expected Q2-26.
News: 9/04 1-Tb QLC shipping, designed into new MacBook Pro; 9/12 Q1 revenue guide raised to US$4.2-4.4 bn (was 4.0-4.2 bn).
Expectation: PT US$110; post-split NAND trades like SanDisk, HDD value doubles—SOTP premium 15-20%.
$Paramount Skydance Corp(PSKY)$ +26% in September.
Catalyst: Reverse merger closed, balance-sheet repaired; market prices WBD merger optionality.
News: 9/10 new CEO Ellison unveils US$3 bn cost-cut roadmap; 9/13 "early-stage" WBD talks confirmed.
Expectation: only 4 analysts; PT US$20 includes takeover option value.
$Seagate Technology PLC(STX)$ +26% in September.
Catalyst: AI data-lake demand > supply for 30+ TB near-line drives—10% price hike; GM guide lifted to 29%.
News: 9/06 30 TB HAMR in mass production; 9/11 3-yr 20-EB order from Tencent Cloud.
Expectation: PT US$230; 2026 EPS seen US$9.8, 12× P/E—Street views cycle at middle of up-swing.
$Tesla Motors(TSLA)$ +23% in September.
Catalyst: Robotaxi "CyberCab" prototype (no wheel/pedals) shown 9/12; Musk targets < US$30 k cost & 2026 launch; FSD v13 adoption beats estimates.
News: 9/09 Austin plant weekly output > 17 k; 9/14 MIIT confirms FSD China pilot.
Expectation: consensus PT US$400; mostly Hold; Robotaxi could add US$50 bn annual service revenue but regulatory risk key swing factor.
$Broadcom(AVGO)$ +22% in September.
Catalyst: AI ASIC bookings to double in 2025—Google TPU v6 & Meta MTIA 4 both on 3 nm; FY-25 AI revenue guided +220%.
News: 9/03 3 nm 112-G SerDes IP portfolio; 9/10 FY-25 AI revenue guide raised to US$18 bn.
Expectation: PT US$400; 2026 EPS est. US$24, 16× multiple—viewed as "biggest AI silicon winner outside NVIDIA."
$Lam Research(LRCX)$ +19% in September.
Catalyst: AI drives advanced packaging & HBM capex—mgmt sees etch/ALD spend +25% 2026; Korean customer adds US$300 m orders.
News: 9/04 Vantex G High-NA etch platform launched; 9/11 US$650 m CHIPS Act award.
Expectation: PT US$135; 2026 EPS US$18.7, 7× P/E—memory WFE up-cycle just starting.
$Alphabet(GOOG)$ +18% in September.
Catalyst: Gemini 2.0 unveiled 9/06—multimodal long-context beats GPT-5 preview; buy-back boosted by + US$50 bn for 2025-27.
News: 9/10 Chromebook AI on-device deal with HP; 9/12 EU court overturns €1.4 bn ad antitrust fine.
Expectation: PT US$280; 2026 EPS est. US$8.2, 30×; 28 of 30 analysts Buy.
$Alphabet(GOOG)$ +18% in September.
Same entity as GOOGL; similar move, identical catalysts; C-shares slightly less liquid, arbs squeezed.
$Corning(GLW)$ +16% in September.
Catalyst: iPhone 17 Pro line adopts Corning "micro-crystal 2" cover-glass—ASP +40%; optical comms wins Microsoft AI fibre-cable award.
News: 9/05 FY-25 revenue guide lifted to +12%; 9/13 board approves US$3 bn buy-back.
Expectation: PT US$85; 2026 EPS est. US$2.3, 30×—optical + cover-glass twin engines.
$NRG Energy Inc(NRG)$ +14% in September.
Catalyst: ERCOT September heat wave—real-time power > US$300 / MWh; owns 6 GW gas fleet; US$750 m buy-back through 2026.
News: 9/09 EBITDA guide raised to US$3.2-3.4 bn; 9/11 S&P places BB+ on positive watch (potential BBB).
Expectation: PT US$175; 2026 EPS est. US$10.5, 15×—bullish on AI + EV + data-centre power demand.
$KLA-Tencor(KLAC)$ +13% in September.
Catalyst: 3 nm inspection demand spike—mgmt sees 2025 inspection/metrology TAM +20%; 9/10 launched eDR-7 e-beam review platform.
News: 9/12 wins TSMC full-node optical-inspection deal; Q1 revenue guide lifted to US$2.8-3.0 bn (was 2.6-2.8 bn).
Expectation: PT US$1 050; 2026 EPS est. US$38, 26×—highest barrier, GM > 60% sustainable.
$Vistra Energy Corp.(VST)$ +13% in September.
Catalyst: Nuclear re-pricing—DOE "AI Clean Power" credit US$30 / MWh; owns 2.4 GW nuclear.
News: 9/04 15-yr 1.2 GW PPA with Microsoft; 9/10 2025 FCF guide raised to US$2.8 bn.
Expectation: PT US$230; 2026 EPS est. US$9.8, 20×—baseload power for AI data centres re-valued.
$Centene(CNC)$ +12% in September.
Catalyst: Final 2026 MA rate increase +1.15% (above draft); non-core pharmacy sale nets US$1.5 bn cash.
News: 9/05 US$3 bn buy-back announced; 9/12 Medicaid redetermination impact smaller—2025 membership attrition only –4%.
Expectation: PT US$35; 2026 EPS est. US$4.1, 8×—managed-care valuation repair.
$UnitedHealth(UNH)$ +12% in September.
Catalyst: Optum Health Q2-25 revenue +18% YoY; AI-assisted coding saves US$1.2 bn; US$5 bn buy-back.
News: 9/10 FY EPS guide lifted to US$27.5-28; 9/13 home-hospital JV with HCA, expanding DRG bundle payments.
Expectation: consensus PT US$400; 2026 EPS est. US$30, 13×—Street sees Medicare rate-cut overhang already priced in.
$NetApp(NTAP)$ +10% in September.
Catalyst: All-flash array AFF C-Series orders +30 % for third straight quarter; 9/09 launched "ONTAP AI" certified with NVIDIA DGX, tapping AI-storage edge.
News: 9/11 FY-26 Q1 revenue guide raised to US$1.70-1.75 bn (was 1.60-1.65 bn); extra US$2 bn buy-back announced.
Expectation: PT US$130; 2026 EPS est. US$6.4, 19×—storage cycle bottom confirmed, AI adds incremental demand.
Hi Tigers, what are your current holdings?
Are you still holding core stocks in the AI industry chain?
Have your stocks reached new highs?
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