AI Sector Intelligence

The AI Infrastructure
Investment Thesis

Institutional-grade analysis of the AI value chain. From silicon to inference, we map where durable returns are created — and where they aren't.

AI Sector Mkt Cap
$12.4T
+24% YTD
Hyperscaler Capex
$220B
+45% YoY
AI Revenue Growth
38%
Sector avg
Companies Tracked
50+
Global AI
Latest Research
SEMIS
Apr 7, 2026
trend analysis
The Semi Rotation Chain: Where Money Is Moving
Capital is rotating down the semiconductor value chain in a predictable sequence. Understanding where you are in the chain determines whether you're early or late.
NVDA/AVGO underperforming while bank shots surge. Memory cracking first. CPUs are the freshest trade. Analog frozen by macro. Interactive rotation map inside.
NVDA
Apr 2026
company profile
NVIDIA's Inference Moat Is Wider Than the Street Thinks
Blackwell ramp validates our thesis. CUDA ecosystem lock-in + custom silicon defense = 18-24mo runway before meaningful share loss.
Blackwell ramp validates our thesis. CUDA ecosystem lock-in + custom silicon defense = 18-24mo runway before meaningful share loss.
TSM
Apr 2026
trend analysis
TSMC: Priced for Perfection in a Geopolitical Minefield
Best-in-class execution, but CoWoS capacity expansion costs and cross-strait risk cap upside at current multiples.
Best-in-class execution, but CoWoS capacity expansion costs and cross-strait risk cap upside at current multiples.
MSFT
Mar 2026
company profile
Microsoft's Agent Platform Play Is Underappreciated
Azure AI + Copilot ecosystem creates enterprise distribution advantage that pure-play AI companies can't replicate.
Azure AI + Copilot ecosystem creates enterprise distribution advantage that pure-play AI companies can't replicate.
CLOUD
Mar 2026
sector overview
The $220B Question: Who Wins the AI Infrastructure Race
Hyperscaler capex is surging. We trace where the capital flows — and who captures the most value in the supply chain.
Hyperscaler capex is surging. We trace where the capital flows — and who captures the most value in the supply chain.
AI Infra
Compute · Storage · Network
Where capital intensity meets defensibility
AI Platform
Cloud · MLOps · Data
Middleware winners take disproportionate value
AI Application
Enterprise · Consumer · Agent
Revenue growth ≠ durable moats — yet