$DELL shows that AI demand is moving beyond chips into the infrastructure needed to deploy compute at scale. A huge backlog is bullish, but execution and memory supply will determine how quickly that demand becomes revenue.

$PANW represents the second-order AI trade. More AI means more data, endpoints and attack surfaces, making cybersecurity increasingly essential. The catch is valuation: necessity does not automatically justify any price if growth slows.

$MRNA is perhaps the most interesting. Successful oncology development could transform Moderna from a post-COVID story into a broader mRNA platform, but biotech remains binary and commercialisation still has to follow the science.

For me, the key question across all three is no longer whether the technology is exciting. It is how much of that technological promise can ultimately become sustainable cash flow.