AI’s bottleneck is not a single chip. It is the ecosystem around the chip.
The winners will be the companies that can expand together:
Data centers and power.
Networking and optical connectivity.
Cooling, packaging, and memory.
The software that turns capacity into revenue.
That is why the AI infrastructure thesis remains broader than any one hardware cycle. Demand is moving through the entire stack, and the scarce layer can change every quarter.
The strongest businesses are the ones selling picks and shovels across several layers at once. When compute expands, the ecosystem compounds with it.