“Compounding this is a massive global shortage of indium phosphide (InP), the critical semiconductor material used to produce the lasers inside these modules.”
AXT is the pure-play upstream supplier of scarce indium phosphide wafers gating optical modules
“Power & Cooling providers (Vertiv, Schneider Electric, Modine) are sitting on multi-year backlogs. Their equipment carries lead times of up to four quarters.”
Power and cooling vendors Vertiv and Schneider hold multi-year backlogs as rack density soars
“CRK is particularly interesting as a contrarian play: its Haynesville acreage sits close to Gulf Coast demand…”
Comstock's Haynesville acreage and a NextEra power hub make it a contrarian speed-to-power gas play
“The top shale gas producers — EQT, Antero Resources (AR), Expand Energy (EXE), and Comstock Resources (CRK) — are the most direct beneficiaries.”
Shale gas producers with hyperscaler offtake get demand visibility as gas becomes the AI power bridge
“Equinix should be considerably better positioned once inference fully matures and dominates total compute cycles.”
Equinix is mismatched for training but ideally positioned when inference dominates compute
“these behind-the-meter facilities are legally obligated to eventually connect to the broader grid…”
Quanta Services benefits from mandatory grid connections behind-the-meter campuses must eventually make
“SaaS – Still Seat First — HCM/HR & payroll, enterprise productivity & collaboration, vertical/specialised SaaS … it is crucial to identify companies falling…”
AI agents erode per-seat licensing in HCM SaaS, breaking seat expansion and compressing Workday's multiple.
“DLR needs to push power and cooling far beyond its historical norms but at least operates the right form factor — large, power-oriented campuses.”
Digital Realty's wholesale power-oriented form factor fits AI training better than peers
“Bitdeer and other converted crypto miners resolving the speed-to-capacity bottleneck by repurposing existing power-dense infrastructure for AI … bringing…”
Bitdeer and crypto miners pivoting to AI resolve the speed-to-capacity bottleneck fastest
“Upstream, Centrus Energy (LEU) emerged as the critical chokepoint: most advanced SMR designs require HALEU (High-Assay Low-Enriched Uranium)…”
Centrus owns the only US-licensed HALEU enrichment, a physical chokepoint for the SMR fleet
“Gas turbine lead times have stretched to three to four years amid surging orders, with GE Vernova and Siemens Energy the dominant manufacturers.”
Gas turbine duopoly GE Vernova and Siemens Energy hold pricing power with 3-4 year backlogs
“Its Optical Interposer, built on standard bulk silicon rather than expensive SOI wafers, uses passive alignment to snap laser and detector components into…”
POET's optical interposer offers structural cost and scalability edge from 800G to 3.2T
“Soitec sits on the other side of the architectural divide: it supplies Photonics-SOI substrates for silicon photonics platforms…”
Soitec's Photonics-SOI is the scalable substrate for silicon photonics and trades cheap vs AXTI
“Bloom connects to existing underground natural gas pipelines — infrastructure that already has massive capacity headroom in most industrial areas — and…”
Bloom Energy collapses power deployment from years to months, with Brookfield deal removing capital risk