I am most constructive on the chip layer, particularly Nvidia, because GPUs remain the core bottleneck of the AI stack. As long as hyperscalers continue capex expansion, accelerator demand should stay strong.
That said, the most underestimated layer is energy and power infrastructure. AI data centres consume enormous electricity, so utilities, grid upgrades, and even nuclear generation could become critical enablers of the AI boom.
The model layer, dominated by Microsoft, Alphabet and Amazon, is already heavily owned, so upside may be more gradual.
For positioning ahead of Nvidia GTC 2026, expectations are already high. A strong Rubin roadmap could extend the rally, but if announcements are incremental, capital may rotate toward AI infrastructure plays such as networking, cooling, and power generation.
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