$LITE

Summary

The analyst provides a bullish, high-conviction analysis on a 20-stock AI infrastructure list, highlighting strong growth, market leadership, and key technological advantages across multiple companies, recommending a long position in these stocks for the AI supercycle.

Reasoning

Nvidia is the AI compute standard with a full-stack platform; AMD shows strong data center revenue growth and high AI demand; Broadcom leads custom ASICs; Marvell bets on optical interconnects; Micron dominates AI memory with sold-out capacity and high margins; other companies show strong growth, strategic positioning, and AI-related revenue expansion, supporting a long-term bullish stance.

20-stock Total AI Infrastructure list across 7 layers: 1. $NVDA The undisputed AI compute standard. Beyond chips, Nvidia offers a full-stack platform including networking, software, and systems — with next-gen Rubin rolling out H2 2026. Physical AI and robotics are emerging as the next frontier.  $AMD The #2 GPU challenger with serious momentum. Q1 2026 Data Center revenue hit $5.8B, with Q2 guidance of $11.2B — well above expectations. CEO Lisa Su confirmed AI demand is “sky high.”  AMD sees Data Center revenue growing 60%+ annually over the next 3–5 years, scaling to tens of billions by FY2027, supported by the MI400 and next-gen MI500 on 2nm with HBM4E.  $AVGO Custom ASIC king. Every major hyperscaler building their own AI chip is doing it through Broadcom. CPO switch silicon + custom TPU/XPU revenue = compounding moat. 4. $MRVL Completed acquisition of Celestial AI in February 2026, betting optical interconnects become standard plumbing for every AI accelerator. Photonic Fabric chiplets expected to ramp to $1B annualized revenue by fiscal 2029.  5. $MU You can’t run AI without memory — and Micron owns the bottleneck. Entire 2026 HBM capacity is completely sold out with pricing already locked in — a rare two-year visibility window in a historically volatile sector.  The HBM TAM is projected to grow at ~40% CAGR, reaching $100B by 2028 — nearly 3x today’s level, two years ahead of prior estimates.  Q2 gross margin hit 74.9% with revenue up 196% YoY. Consensus FY26 EPS of $58 with base case valuation of $900–$1,000.  Memory is no longer a commodity — it’s critical AI infrastructure. 6. $LITE Up 56% in 2026, reporting 66% YoY revenue growth to $666M with EPS nearly 4x higher. CEO stated “virtually every AI network is powered by Lumentum technology.”  The photonics revenue ramp is just beginning. 7. $COHR Divested non-core assets to concentrate on high-margin AI photonics, targeting 30,000+ optical engine shipments in 2026 as the primary re-rating milestone.  Pre-volume production = asymmetric setup. 8. $CRDO High-speed connectivity inside AI data centers — active electrical cables, optical components, and power-efficient interconnects scaling directly with cluster size. Recently completed acquisition of DustPhotonics.  9. $CRWV The cleanest public neocloud pure play — revenue, backlog, customers, and capital needs all tied directly to AI cloud capacity.  Revenue guidance of $12–13B+ for 2026 with a $99.4B revenue backlog.  The benchmark. 10. $NBIS Transformed from Yandex’s remnants into a fast-growing neocloud competitor with aggressive growth projections and software-efficiency edge for higher utilization and pricing.  11. $IREN Ordered 50,000 Nvidia B300 GPUs — total fleet reaching ~150,000 chips — projected to generate $3.7B+ in annualized AI cloud revenue by late 2026.  Asset-heavy, power-advantaged. 12. $CEG US nuclear leader with 21 reactors achieving 98.8% operating rates, powering ~16M homes. Added the South Texas Project (2,645 MW) to its portfolio via NRG acquisition.  Cleanest baseload AI power in the market. 13. $OKLO Next-gen microreactor company backed by Sam Altman. Modular advanced fission for dedicated AI campus power. The long-duration nuclear bet for the AI supercycle — tiny float, massive narrative. 14. $VST The biggest pure-play power generator in the US. Nuclear + natural gas + battery storage at scale. Quietly one of the best-performing S&P 500 stocks — direct AI data center power demand beneficiary. 15. $PLTR The AI operating system for physical world deployment — defense, logistics, manufacturing. AIP platform is the connective tissue between data and real-world AI. Your highest-conviction holding for good reason. 16. $SMCI Expanding rack-scale AI leadership with AMD’s Helios platform and collaborating with Arm on energy-efficient rack-scale infrastructure for enterprise agentic AI.  The server/rack picks-and-shovels play.

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