Most upside from here may still be in Advanced Micro Devices and Micron Technology because the market is repricing the actual bottlenecks of AI scaling:
HBM memory,
advanced packaging,
networking,
storage throughput, not just GPUs alone.
NVIDIA remains dominant, but expectations are already enormous. Meanwhile, SanDisk could still have strong upside if AI storage demand becomes structurally persistent rather than cyclical.
I do not think this rotation is just a short-term blip. Markets are shifting from “who has AI exposure?” to “who controls constrained infrastructure capacity?”
That said, after such violent rallies, risk management matters more:
trim parabolic moves,
keep core winners,
avoid low-quality AI hype names.
Hardware still looks like the clearer monetisation layer today, while much of software AI monetisation remains crowded and harder to differentiate.
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