The AI trade keeps broadening in quieter ways than people

The AI trade keeps broadening in quieter ways than people expected a year ago. It’s not just Nvidia and hyperscalers anymore — you’re seeing capital flow into Korean component suppliers, utilities tied to power demand, networking firms like Broadcom, and even credit markets absorbing the financing needs of the buildout. The interesting part now is less “who has AI exposure” and more “who gets durable pricing power from the infrastructure layer underneath it.”