FOCUS: FIVE MAJOR NASDAQ AI DRAGON UNIT
Roger Lee | BIT United States Special Analyst
21 YEARS OF EXPERIENCE IN INVESTMENT, MANAGEMENT AND FINANCIAL INSTITUTIONS, WITH A LONG-TERM FOCUS ON THE AI INDUSTRIAL CHAIN, MACRO-LIQUIDITY AND OPTIONS STRATEGY STUDIES
Summary of investments
MY CONCLUSION IS STRAIGHTFORWARD: THESE FIVE STOCKS ARE NOT THE SAME “AI DEAL” BUT THE FIVE DIFFERENT NODES OF THE AI INFRASTRUCTURE CHAIN; IF THE MARKET CONTINUES TO RETREAT BECAUSE OF INFLATION, INTEREST RATES, OR BUBBLE CONCERNS, I WILL PLACE THEM ON A STRATIFICATION WATCH LIST, RATHER THAN INTERPRET THEM AS “LOW BUY-IN” AS A ONE-OFF CHASE。This report addresses U.S.A., MXL Max Linear, AMD Superpower, LITE Lumentum and VICR Vicor. Together, they benefit from capital expenditure for the AI data centre, but the sources of risk, the flexibility of performance and the manner in which valuations are absorbed vary. [1] [2] [3]
I believe that when AI entered this stage, what really mattered was not “AI has no story” but three questions: first, whether capital spending could continue to fall into real orders; secondly, whether business profits could prove valuation; and thirdly, whether the portfolio could withstand high volatility. McKinsey estimated that the global data centre could require about $6.7 trillion in capital expenditure by 2030 to meet its capacity needs, of which AI carries approximately $5.2 trillion in associated data centres; this suggests that AI infrastructure is a long investment cycle, but Fidelity also warns that profit growth, valuation, sustainability of capital expenditure and interest rate cycles will determine whether or not AI transactions will shift from a long-term theme to a short-term bubble. [1] [2]
One conclusion::AIInfrastructure is still the direction I would like to take, but the point of purchase must be subject to silo discipline; at the same time, at high returns, high retreats and high volatility, there is a layering process。
FIRST, LOOK AT THE BIG PICTURE: AI INFRASTRUCTURE IS NOT THE STORY OF A GPU STOCK
The easiest mistake in the market is to simply equate AI with “buy GPU champions”. In my view, the real structure of the AI infrastructure is a capital expenditure chain: the front end requires calculus chips, the middle requires high bandwidth storage, network connectivity and light communications, and the back end requires power, heat, data centres and software movements. It is easy to follow the wrong rhythm when the valuation is extremely high by looking at a single link, and it is only when the chain is removed that it becomes clear whether each recall is a valuation, an order or a normal dishwashing of high Beta assets。
MacKenzie ' s measurement of the capital expenditure of the data centre gives this framework an important background. It does not mean that all companies will benefit simultaneously, nor that all AI-related stocks should rise, but rather that, if the demand for computing continues to grow, investment opportunities will spread along the “calculative-storage-connected-optic-power” line. [1] Morningstar ' s discussion of the AI equity framework also reminds me that the AIS stock selection should not be based on only conceptual heat, but on industry location, moats, valuation and uncertainty. [3]
| Industrial chain | Representative target | Main beneficiary logic | It's my point of view |
| HBM AND STORAGE | MU BEAUTY | AI SERVER PUSH HIGH BANDWIDTH MEMORY AND DRAM REQUIREMENTS | PRICE CYCLE, MĀORI RATE, CONTINUITY OF HBM ORDERS |
| CPU/GPU AND DATA CENTRE CALCULATIONS | AMD SUPERPOWER | EXTENSION OF CPU AND AI GPU PLATFORMS IN DATA CENTRES | Data centre income growth, customer discharge, Māori rate |
| Control plane and high-speed connection | MXL MaxLinear | INCREASED COMPLEXITY OF CONNECTION WITHIN AI DATA CENTRE | New product import, customer certification, income conversion |
| Photocommunication and optical components | LITE Lumentum | CLOUDS AND AI DATA CENTRE EXTRACTION OF OPTICAL COMPONENT REQUIREMENTS | Cloud client capital expenditure, light module requirements, capacity utilization |
| High density power | VICR Vicor | INCREASED AI SERVER POWER CONSUMPTION HAS RESULTED IN AN UPGRADE IN POWER DELIVERY | ORDERS, MODULARIZED 48V PROGRAM PENETRATION, MĀORI RATE REPAIR |
MY JUDGMENT IS THAT THE OPPORTUNITY FOR AI INFRASTRUCTURE IS NOT “ONE LINE”, BUT “ONE NETWORK”. ONCE THE MARKET HAS RECEDED, IT IS NOT THE STANDARD THAT IS MOST WORTH STUDYING, BUT THE BASIC FACE OF WHICH NODE IS NOT PERJURED AND THE VALUATION IS DESTROYED BY RISK PREFERENCES。
OVER THE PAST YEAR, OPEN PRICE DATA SHOWED THAT ALL FIVE AI INFRASTRUCTURE TARGETS WERE SIGNIFICANTLY OUTRUNS FOR NASDAQ 100 AND SMH SEMICONDUCTOR ETF. LITE, MU, MXL, VICR AND AMD ALL REGISTERED HIGH INCREASES, WITH LITE AND MU PERFORMING THE MOST; BUT THE SAME SET OF DATA ALSO SHOWS THAT MOST OF THE FIVE STOCK RETREATS OVER THE PAST YEAR WERE BETWEEN ABOUT -28 AND -32 PER CENT, WHICH IS SIGNIFICANTLY HIGHER THAN NASDAQ ' S MAXIMUM RETREAT OF ABOUT -12.1 PER CENT. [9]
This set of data is clear to me:Strong trends do not amount to low risk and high elasticity does not amount to ready purchase。IF A TARGET INCREASES SEVERAL TIMES A YEAR, BUT IN THE PROCESS IT CAN BE REVERSED BY 30 PER CENT, THEN THE BUY-IN LOGIC CANNOT SIMPLY WRITE “A LONG-TERM LOOK AT AI”, BUT ALSO “HOW TO WITHSTAND FLUCTUATIONS”. IN OTHER WORDS, LOW BUY-IN IS NOT AN EMOTIONAL SLOGAN, BUT A FINANCIAL MANAGEMENT SYSTEM。
| Subject | Rate of return over the past year | Maximum retreat | Current Retreat | Annualized fluctuations | My interpretation |
| LITE Lumentum | 1,017.5 per cent | - 28.7% | - 12.5% | 86.7% | Optical communications are the most resilient, but valuation and order expectations are also the most sensitive |
| MU BEAUTY | 751.2% | -30.3% | - 9.1% | 69.9 per cent | STORAGE CYCLE AND AI HBM RESONANCE FOR EPS CURRENT |
| MXL MaxLinear | 623.7% | - 29.6% | - 17.4% | 108.6% | The small disk is much more elastic and must be handled in smaller slots |
| VICR Vicor | 595.9 per cent | -32.0% | - 12.2% | 84.1% | Power nodes are logical, but fluctuations and orders are tracked |
| AMD SUPERPOWER | 340.4% | 27.8% | - 5.7% | 66.9 per cent | Relatively more mature, less elastic than small disks, but more basic surface verification |
| NASDAQ 100 | 37.0 per cent | -12.1% | - 3.3% | 17.3% | Index fluctuations are much lower than single shares, indicating that a unit is not an index substitute Products |
| SMH SEMICONDUCTOR ETF | 142.0 per cent | -14.9% | - 2.8% | 33.2% | The plate is strong, but the unit risks still need to be assessed separately |
I'LL USE THIS TABLE AS THE STARTING POINT FOR POSITION MANAGEMENT. I WOULD BE WILLING TO OBSERVE IN BATCHES DURING RETREATS FOR MORE ROBUST BENCHMARKS SUCH AS MU AND AMD; FOR HIGH ELASTIC NODES SUCH AS MXL, LITE, VICR, I WOULD WRITE DOWN THE CEILING OF THE WAREHOUSE BEFORE CONSIDERING THE PRICE POSITION. THE REASON FOR THIS IS SIMPLE: VOLATILITY IS ITSELF A COST, NEGLECTING THE “LOW BUY-IN” OF COSTS AND, IN THE END, IT IS EASY TO TURN INTO PASSIVE CARRYING。
III. The difference between five stocks: not who goes up much more and who buys who, but who is more complete in the chain of evidence
I DON'T APPROVE OF PUTTING THESE FIVE COMPANIES IN THE SAME BASKET. THE CORE OF MU IS THE STORAGE CYCLE AND AI HBM REQUIREMENTS, THE CORE OF AMD IS THE DATA CENTRE COMPUTING PLATFORM, THE CORE OF LITE IS CLOUD-AI-RAY COMMUNICATION, THE CORE OF VICR IS HIGH-POWER SERVER POWER DELIVERY, AND MXL IS MORE IN FAVOUR OF AID DATA CENTRE CONTROL PLANE AND HIGH-SPEED CONNECTIVITY. THEY ALL BENEFIT FROM AI, BUT FINANCIAL FLEXIBILITY, CLIENT STRUCTURE AND VALUATION DIGESTION PATHS VARY。
According to the company's public information, Micron disclosed quarterly revenues of $11.315 billion in FY2025 Q4 press releases, $37.378 million in FY2025 revenue throughout the year and linked robust performance to the needs of AI data centres; AMD Q3 2025 press releases disclosed quarterly revenues of $9.246 million, compared with 36 per cent, and $4.3 billion, compared with 22 per cent; Lumentum FY2026 Q3 press releases disclosed revenues of $808.4 million, representing an increase of 90.1 per cent, and emphasized light technology related to AI, cloud computing and next-generation communications; Max Linear public press releases presented its Coronado and Laguna USB UART programmes aimed at the control horizontal interface of AI data centres; and Victor highlighted in the open information the demand for 48V modular power systems for the growth of AI, HPC and data centres. [4] [5] [6] [7] [8] [8] [8]
| Subject | I gave it a character | Core strengths | Maximum risk | The right way to buy |
| MU BEAUTY | CORE BENEFICIARIES OF THE AI STORAGE CYCLE | HBM RESONANCE WITH DRAM CYCLE, CLEAR PATH FOR INCOME AND MĀORI RATE RECOVERY | Storage price cycles reverse, capital spending expands too fast | Breakbacks, focusing on performance guidelines and Māori rates |
| AMD SUPERPOWER | Calculation of platform assets | IMPROVED VALIDATION OF CPU AND AI GPU CLIENTS IN DATA CENTRES | HIGH COMPETITION WITH THE LEAD, AI GPU MODULATION IMPACT VALUATION | Look at it from the core |
| LITE Lumentum | Photocommunication high elastic nodes | STRONG DEMAND FOR OPTICAL COMPONENTS FOR CLOUD AND AI DATA CENTRES | Client concentration, order fluctuations, valuation sensitive to expectations | Small space, lots, only back and forth |
| VICR Vicor | Power system upgrade nodes | STRUCTURAL REQUIREMENTS DUE TO THE UPGRADING OF AI SERVER POWER | Uncertainty about the payment of orders and the repair of the Maori rate | Handled in satellite warehouse, pending confirmation of orders |
| MXL MaxLinear | Connect and control flat disk elasticity | INCREASED COMPLEXITY OF ACCESS TO AID DATA CENTRE | Small disks are volatile, and the timing of the conversion is uncertain | Only for observation warehouses within high-risk budgets |
I'M NOT SORTED SIMPLY BY "SCALING UP." LITE AND MU ARE THE BRIGHTEST IF LOOKING ONLY AT THE INCREASE OF THE PAST YEAR; MU AND AMD ARE MORE EASILY TRACKED BY INSTITUTIONAL FUNDS IF LOOKING AT THE BASIC EVIDENCE CHAIN; AND MXL, LITE, VICR PROVIDE A STEEPER YIELD CURVE IF LOOKING AT THE HIGH ELASTIC SATELLITE WAREHOUSE, BUT AT THE SAME TIME REQUIRE STRICTER CUT-OFF AND POSITION CAPS。
IV. ROLE OF RISK: The top right corner is not paradise, but discipline
Many investors prefer to see high yield maps, but do not like to look back. I think the opposite:For high-level Beta targets, the rate of return is only the result, and the maximum withdrawal is the provision that must be accepted before entering。Figure 3 shows the previous year's rate of return and the largest withdrawal in the same picture, and it can be seen that five equities are located in high-yield areas, but the vertical retreat is also deep. That means..
They are not low-volatility growth units, but rather high-flexible assets that need to be absorbed with silo discipline. [9]
I'LL DEAL WITH THIS KIND OF STOCK AT THREE LEVELS. THE FIRST TIER IS “CORE TRACEABILITY”, I.E. MORE COMPLETE BASIC EVIDENCE AND BETTER INSTITUTIONAL COVERAGE, SUCH AS MU AND AMD. THE SECOND LAYER IS “HIGH ELASTIC SATELLITES”, I.E., THE TARGET FOR INDUSTRIAL LOGIC WITH HIGH VOLATILITY, SUCH AS LITE AND VICR. THE THIRD LAYER IS “OBSERVATIVE ELASTICITY”, I.E., THE TARGET WHERE PRODUCT ORIENTATION IS IMAGINATIVE BUT WHERE FINANCIAL PERFORMANCE REQUIRES MORE QUARTERLY VALIDATION, SUCH AS MXL。
| Group Level | Example of target | The silo principle | Silo conditions | Deportation conditions |
| Core trackable | MU, AMD | Battery configuration, not full at once | EPS UPGRADES, MĀORI RATES ARE STABLE, PULL BACK CLOSE TO HISTORICAL STRESS ZONES | I'm not sure if I'm going to pay for it |
| High elastic satellite | LITE, VICR | The ceiling is clearly below the core | Order validation enhanced, valuation returned to affordable range | Single-season orders or client requirements fluctuated more than expected |
| Observation elasticity | MXL | We're just looking at small positions. We don't have to play heavy | New products converted to income and cash flows improved | Delay in the import of products and failure to meet expectations |
| Defense buffer | Cash, short-term debt or index hedge | To wait for a second retreat | Markets continue to kill because of macro-shocks | We're losing the cash cushions |
THEREFORE, MY DEFINITION OF “LOW BUY-IN” IS NOT A DROP IN PRICES, BUT A GRADUAL ABSORPTION OF FLUCTUATIONS IN ACCORDANCE WITH THE PRE-ESTABLISHED SILO RULE WHEN PRICES ARE REVERSED, FUNDAMENTALS ARE NOT DETERIORATING AND THE CAPITAL EXPENDITURE CHAIN IS STILL ON TRACK. IN PARTICULAR, HIGH-VOLATILE MARKERS SUCH AS MXL, LITE, VICR, THE SIZE OF THE WAREHOUSE IS MORE IMPORTANT THAN THE PURCHASE PRICE。
Industrial chain rating: five shares are not the same transaction but the same nodes
IN ORDER TO AVOID MIXING ALL OF AI STOCKS INTO ONE CONCEPT, I GRADED FIVE EQUITIES IN FIVE DIMENSIONS: DIRECTNESS OF CALCULATION, SENSITIVITY OF AI CAPITAL EXPENDITURE, CYCLICAL FLUCTUATIONS, VALUATION REALIZATION PRESSURE AND PORTFOLIO FRAGMENTATION. THIS RATING IS NOT A YIELD FORECAST, NOR AN INVESTMENT RATING, BUT RATHER HELPS ME TO DETERMINE WHAT ROLE EACH STOCK IS IN IF AN AI INFRASTRUCTURE OBSERVATION BASKET IS TO PLAY。
THIS CHART HAS INSPIRED ME TO THINK THAT MU AND AMD ARE MORE LIKE CORE EVIDENCE ASSETS ON THE AI INFRASTRUCTURE MAIN LINE; THAT LITE AND VICR ARE MORE LIKE HIGH ELASTIC NODES IN THE CHAIN THAT CAN BE MAGNIFIED BY MONEY; AND THAT MXL IS MORE ORIENTED TOWARDS THE OBSERVATIONAL MODEL THAT “THE PRODUCT MAY BE REVALUED AFTER IMPORT”. FIVE EQUITIES HAVE RESEARCH VALUE, BUT THE LOGIC OF BUYING MUST NOT BE THE SAME。
| Dimensions | What do I value most | Meaning to the combination |
| Altitude | WHETHER TO BENEFIT DIRECTLY FROM AI SERVERS, DATA CENTRES AND HIGH PERFORMANCE CALCULATIONS | Determining whether the theme is sufficiently relevant |
| AI CAPITAL EXPENDITURE SENSITIVITY | Whether the capital expenditures of cloud manufacturers and data centres can be channelled to revenue | It's time to make the order work |
| Periodic fluctuations | Whether industry prices, customer inventories and capital expenditure cycles are high | Decision on maximum space |
| Valuation of realized pressure | Whether current prices are overspent for future seasons | I decided to buy the rhythm |
| Combine decentralized values | WHETHER TO CREATE DIFFERENT SOURCES OF RISK FROM THE GPU MAIN LINE | Whether it's worth the observation basket |
MY IDEA OF CONFIGURATION IS TO GIVE PRIORITY TO MORE COMPLETE MUS AND AMDS IF I WANT ONLY THE CORE OF AI; TO USE LITE, VICR AS SATELLITE OBSERVATION IF I AM WILLING TO TAKE ON HIGHER FLUCTUATIONS; AND TO RECOGNIZE THE UNCERTAINTY OF ITS SMALL DISK PROPERTIES AND REVENUE REALIZATION, THE POSITION IS MORE RESTRAINED THAN A FEW OTHERS。
Operating framework: the real point of purchase is the simultaneous occurrence of the three things: "Return, confirm, in batch"
I DON'T TAKE ANY RETREAT AS A BUY-IN BECAUSE I'M STRONG. THERE ARE AT LEAST THREE CONDITIONS TO BE MET FOR A TRULY WORTHWHILE RETREAT: FIRST, PRICES HAVE RELEASED SHORT-TERM EMOTIONS; SECONDLY, THE BASICS OF THE ENTERPRISE HAVE NOT DETERIORATED SIMULTANEOUSLY; AND THIRDLY, THERE ARE CASH AND RISK BUDGETS IN THE PORTFOLIO. ANY MISSING ITEM WOULD TURN INTO A EMOTIONAL TRANSACTION。
Fidelity's framework for AI foam risk is worth putting here. It reminds us that while the theme of AI may still be a multi-year cycle, investors must track profit growth, the quality of profits, valuation, sustainability of capital expenditure and interest rate cycles. I totally agree with that. Rather than being unbuyable, AI cannot mask short-term risks with “long-termism” at the time of the most expensive, hottest and full-time valuation。
| Purchase Conditions | The signal you need to see | What would I do |
| Return release | Units retreating from high points to historical stress zones, no systematic collapse of the index | Let's set up observation tanks, not fill them up at once |
| Basic confirmation | FINANCIAL RETURNS, ORDERS, MĀORI RATES, EPS GUIDELINES HAVE NOT DETERIORATED | Gradual conversion of observation warehouses to official positions |
| Valuation rehabilitation | The price drops are due to risk preference rather than profitability | Preferably buy the whole chain of evidence |
| Macro-environmentally sustainable | Interest rates didn't go out of control, liquidity didn't tighten sharply | Keep it split, no leverage |
| There's still cash in the portfolio | I can still afford to fall twice after buying | Use only planned funds, not rebounding |
IN SUMMARY, I WILL PLACE THE FIVE SHARES IN THE AI INFRASTRUCTURE OBSERVATION POOL, BUT WILL NOT CONSIDER THEM ALL AS AN EQUAL-WEIGHT BUY-IN LIST. FOR ME, THE CORRECT ORDER IS TO DEFINE THE ROLE, THEN THE SLOT, AND FINALLY THE PRICE。
CONCLUSION: Buyable when it's low, but ask if you can handle fluctuations
The final conclusion goes back to the title:IT CAN BE STUDIED, BUT IT CANNOT BE LAZY, WHEN IT COMES TO BUYING THE FIVE MAJOR NASDAI。If capital expenditure for the AI data centre continues to expand, the storage, computing, photocommunication, power supply and connection of the MU, AMD, LITE, VICR and MXL will all continue to benefit from the base; but if interest rates resume, cloud capital expenditure slows, AI orders fall short of expectations, or valuations are overstretched in the coming seasons, these high Beta assets will be quickly withdrawn。
MY STRATEGY IS CLEAR: THE CORE WAREHOUSE GIVES PRIORITY TO ASSETS WITH A STRONGER BASE CHAIN OF EVIDENCE, THE SATELLITE WAREHOUSE GIVES ELASTIC BUT VOLATILE NODES, AND THE OBSERVATION WAREHOUSE GIVES SMALL AND MEDIUM DISKS THAT STILL NEED TO BE VALIDATED. PURCHASES MUST BE MADE IN BATCHES, WAREHOUSE SLOTS MUST BE LIMITED AND RISKS MUST BE WRITTEN IN ADVANCE ON PAPER. A TRULY MATURE AI INVESTMENT IS NOT EXCITED TO SEE A RECALL, BUT TO KNOW WHICH ONE CAN BUY, HOW MANY, AND WHAT TO DO WRONG。
In summary:THE LONG-TERM LOGIC OF THE AI INFRASTRUCTURE REMAINS, BUT WHEN IT COMES TO LOW PURCHASES, IT IS NOT AN ASSAULT SIGN, BUT A DISCIPLINE SHEET; FIVE STOCKS ARE TO BE SPLIT INTO FIVE NODES, FOLLOWED BY WAREHOUSING AND TIME TO ABSORB FLUCTUATIONS。
Risk tip
THE PRESENT REPORT IS FOR DISCUSSION ONLY AND DOES NOT CONSTITUTE ANY PROMISE OF PROCEEDS OR A PROPOSAL FOR A BUY-IN. AI INFRASTRUCTURE-RELATED COMPANIES ARE GENERALLY HIGHLY VOLATILE, VALUATION-SENSITIVE AND PROCYCLICAL, AND INVESTORS NEED TO BE INDEPENDENTLY JUDGED ON THEIR OWN RISK TOLERANCE. THERE ARE FIVE CATEGORIES OF RISKS THAT FOLLOW MOST THAT NEED TO BE TRACKED: FIRST, CLOUD MANUFACTURERS' CAPITAL SPENDING MAY BE RE-PRICING THE AI HARDWARE CHAIN ORDER IF IT FALLS SHORT OF EXPECTATIONS; SECOND, IF INTEREST RATES GO UP AGAIN, THE HIGH-VALUE GROWTH UNIT WILL FACE DISCOUNT RATE PRESSURE; THIRD, THE BREAKDOWN OF STORAGE, PHOTOCOMMUNICATION, POWER SUPPLY AND CONNECTIVITY HAS INVENTORY CYCLE AND CUSTOMER CONCENTRATION RISKS; FOURTH, HIGH-FLEXING MARKERS MAY HAVE LIQUIDITY AND VALUATION FLUCTUATIONS; AND FIFTH, THE AI THEME MAY SHIFT FROM “LONG-TERM SPACE PRICING” TO “CURRENT CASH-FLOW PRICING” IF THERE IS INSUFFICIENT PROFITABILITY。
| Risk variable | Watch the signal | Response principles |
| A SLOWDOWN IN AI CAPITAL EXPENDITURE | The cloud manufacturer ' s capital expenditure guide was modified and the order deferred | Lower high-flexibility satellite warehouse and retain core evidentiary assets |
| Restart interest rate | Ten-year upturn in United States debt, growth stock valuation compressed | Not high, waiting for the valuation to be digested |
| Shortfall of profits | LOWER THAN EXPECTED REVENUE, MĀORI OR EPS GUIDELINES | First drop, then re-evaluate the basics. Noodles |
| Industry cycle reversal | Weakening storage prices, light communications orders or power demand | Avoid miscalculation of the lower cycle as short-term recall |
| Unit liquidity risk | The small plate is condensed but the price is distorted | Control the position. Avoid concentrating |
Data sources and references
The market performance, fallback, volatility and risk-benefit indicators for this report are captured and collated using the Yahoo Finance open chart data interface between 13 June 2025 and 12 June 2026, covering MU, MXL, AMD, LITE, VICR, NASDAQ composite index, NASDAQ 100 index and SMH semiconductor ETF. Corporate fundamental narratives are based on corporate investor relations pages, press releases and open information; AI capital expenditure, AI foam risk and AI stock selection framework reference to open research materials such as McKinsey, Fidelity and Morningstar. All charts are based on open data compilation, and the chart scoring framework is used for research discussions and does not represent a return projection or investment rating。
| Charts/data items | Use caliber | Main sources |
| FIVE AI TARGETS AND INDEX PERFORMANCE | The last year's closing price has been converted to 100 | Yahoo Finance Public Chat API |
| Resume pressure map | Maximum retreat, current retreat and annualized fluctuations over the past year | Yahoo Finance Public Chat API |
| Risk return matrix | Rates of return and maximum retreat over the past year | Yahoo Finance Public Chat API |
| Industrial chain scoring hot | Directness of calculation, sensitivity of capital expenditures, cyclical fluctuations, valuation realization pressures and portfolio fragmentation | Corporate public information, financial press releases, open market data |
| AI CAPITAL EXPENDITURE BACKGROUND | GLOBAL DATA CENTRE CAPITAL EXPENDITURE AND AI WORKLOAD NEEDS MEASUREMENT | McKinsey Public Research |
| AI FOAM RISK FRAMEWORK | Profitability, valuation, sustainability of capital expenditure and interest rate cycle | Public Research in Fidelity |
| AI STOCK SELECTION FRAMEWORK | AI STOCK POOL, VALUATION, MOAT AND UNCERTAINTY | Morningstar Open Research |
Notes
1. McKinsey & Company, *The cost of company: A $7 million race to scale da centers*, April 28, 2025. https://www.mckinsey.com/industries/technology-media-and-telcommunizations/our-insights/the-cost-of-compute-a-7-trillion-dollar-race-to-scale-data-centers
2. Fidelity, *5 signs of an AI bubble to watch for, 2026. https://www.field.com/learning-center/training-investing/ai-bubble
♪ The Best AI Stocks to Buy Now*, June 9, 2026. https://www.morningstar.com/stocks/best-ai-stocks-buy-now
4. Microron Technology, Inc. Reports for the Fourth Quarter and Full Year of Fish 2025*. https://investors.micron.com/news-releases/news-release-details/microron-technology-inc-reports-results-forth-quarter-and-full-8
5. Advanced Micro Divices, *AMD Reports Third Quarter 2025 Financial Resources *. https://ir.amd.com/news-events/press-releases/detail/1234/amd-reports-third-quarter-2025-financial-results
Lumentum, *Lumentum Reports Critical Third Quarter 2026 Resources *. https://investor.lumentum.com/news-releases/news-release-details/lumentum-reports-fiscal-third-quart-2026-results
7. Max Linear, *Max Linear Enterprises Control Plan for AI Data Centers.*. https://investors.maxlinear.com/press-releases/detail/612/maxlinear-enhances-control-plane-content-for-ai-data
8. Victor, *AI, HPC and Data Center Power Management Solutions*. https://www.vicorpower.com/industries-and-innovations/artificial-intelligence
Yahoo Finance Chart API, Daily Prices for MU, MXL, AMD, LITE, VICR, IXIC, NDX and SMH, retrieved June 15, 2026. https://finance.yahoo.com/
THE REPORT HAS BEEN PREPARED BY THE INVITED ANALYSTS. THE VIEWS EXPRESSED IN THE REPORT REPRESENT ONLY THE INDIVIDUAL POSITION OF THE AUTHOR AND NOT THAT OF THE BIT PLATFORM. THIS MATERIAL IS FOR REFERENCE PURPOSES ONLY AND DOES NOT CONSTITUTE AN INVESTMENT RECOMMENDATION。
