Many people speculate on AI, only focusing on Nvidia!

Chasing after the rise and panicking over the fall, only to find that they're riding a roller coaster. In fact, the truly smart money has long begun laying out the physical layer of AI.

What is the physical layer? It refers to those companies that provide electricity, cooling, connectivity, and packaging for #AI chips. No matter how strong Nvidia is, it still relies on these 'shovel sellers' to support the entire ecosystem.

We can learn from the data:

• The power consumption of AI servers has skyrocketed from the traditional 5-10kW to 100kW+

• The liquid cooling market is expected to reach 30 billion USD by 2030, with a compound annual growth rate of over 40%

• HBM memory demand is growing at 150% annually, leading to a supply shortage

• Optical modules are upgrading from 800G to 1.6T, and the entire industry chain is racing ahead

These demands cannot be met by Nvidia alone. They are the result of dozens of companies throughout the entire supply chain working together.

👇 Today, I'll break down the key 'shovel selling' leading companies in the AI physical layer. Understanding these will help you navigate investments in #AI without feeling lost!🧐

High-power, narrow linewidth lasers Coherent (#COHR)

Narrow linewidth lasers are the "heart" of the 1.6T optical module and silicon photonics technology. Coherent is the global leader in indium phosphide lasers, directly benefiting from the AI optical connectivity upgrade.

Glass substrate Corning (#GLW)

Glass substrates are the new saviors of Moore's Law. Corning, with decades of dominance in the precision glass field, is the preferred R&D partner for semiconductor giants like Intel.

Silicon photonics Marvell (#MRVL)

Although Nvidia is also involved, Marvell's silicon photonics platform and DSP chips are more adaptable in the open market and serve as the core hub for achieving large-scale optical interconnects between chips.

High power density power modules Vicor (#VICR)

Vicor's core is its modular power architecture (FPA), which enables power to be directly packaged onto the PCB, solving the challenges of instantaneous current and power density for AI chips.

Multi-layer ceramic capacitors Murata (#MRAAY)

While it's a Japanese stock, it has an ADR in the US market. Murata holds about 30% of the global MLCC market, and the demand for high-capacity, high-reliability MLCCs in AI servers is several times that of traditional servers.

Distribution systems and UPS Eaton (#ETN)

Eaton is a core player in data center distribution. As the power consumption of AI chips surges, the demand for its intelligent distribution units (ePDU), UPS systems, and power management solutions is exploding.

High-bandwidth memory Micron (#MU)

The purest storage giant in the US market. Its HBM3e products are highly competitive in terms of energy efficiency and are one of the main suppliers for NVIDIA and other AI chips, aside from SK Hynix.

Advanced packaging equipment Applied Materials (#AMAT)

It is the "tool maker." Whether for 2.5D or 3D packaging, AMAT has the most comprehensive product line for tools such as film deposition and chemical mechanical polishing.

Data center infrastructure Vertiv (#VRT)

The absolute leader in data center infrastructure. They not only handle cooling; their high-power distribution bus and integrated power racks are the physical backbone of AI cabinets. In the trend of shifting from air cooling to liquid cooling (cold plate and immersion), Vertiv is deeply linked with NVIDIA's Blackwell architecture, offering strong growth certainty.

Hybrid bonding equipment BESI (#BESIY)

Hybrid bonding is the cutting-edge technology for achieving 3D stacking (such as HBM and logic chip interconnections). BESI and Tokyo Electron are the main players in this process equipment.

Grid transformers / gas turbines GE Vernova (#GEV)

A major energy giant spun off from General Electric. The ultimate solution for data centers lacking electricity is gas turbines for supplemental power and grid transformer upgrades, a cornerstone of electricity in the United States.

ABF substrates and high-end PCBs Ibiden (#IBIDY) (Japanese stock / US stock ADR)

While companies like Xinxing are also giants, Ibiden has consistently been at the top in yield and market share for high-end servers and AI chip-level ABF substrates. They specifically produce ultra-multilayer and high-density interconnection (HDI) PCBs required for AI servers. Financial reports show that its data center business has benefited from the ramp-up of next-generation architectures like NVIDIA Blackwell, significantly increasing the proportion of orders.

High-end PCB manufacturing TTM Technologies (#TTMI)

TTM is one of the important high-end PCB manufacturers in the US stock market, especially in the complex, large-volume AI infrastructure sector, with a mature supply chain and technological accumulation.

To summarize, the money in AI isn't only made by Nvidia. The entire supply chain, from power, cooling, connectivity to packaging, conceals opportunities at every stage.

These 'shovel selling' companies share several common characteristics:

• High technological barriers; not everyone can do it

• Strong customer stickiness; the cost of switching suppliers is huge

• High demand certainty; the expansion of AI computing power is a long-term trend

• Valuations are relatively reasonable, unlike the crowded situation with Nvidia

Of course, investing in these companies also comes with risks:

• Some companies have small market capitalizations and poor liquidity

• Japanese stocks with ADR carry exchange rate risks

• The supply chain is concentrated in Asia, and geopolitical risks cannot be ignored

• Rapid technological iterations; today's leader may fall behind tomorrow

My suggestion is not to put all your eggs in one basket. While Nvidia can be part of the mix, these companies in the physical layer are also worth diversifying into. Especially those that are undervalued by the market but have solid technology.

In the end, the same old advice: DYOR 🙏 You need to thoroughly research each company's financial reports, order situations, and competitive landscape. What others say is good doesn't count; understanding it yourself is what truly matters.🧐

The companies mentioned above are basically all on #MSX. For trading US stocks, I choose to use the #RWA tokenized platform #MSX to invest and participate in the US stock market: http://msx.com/?code=Vu2v44

Fans and partners interested in early US stock investment can DM me. After filling out the form, you can join the free discussion and exploration community for US stocks (currently limited to 10 people per week, verified by assistants, which may take some time, thank you 🙏)!

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