This is a model that no one talks about:


2010 -> Scarcity computing. Cloud wins.
$AMZN $MSFT
2015 -> Phones and data exploding. Platforms win
$META $GOOG
2020+ -> AI computing is the bottleneck. Chip manufacturers win
$NVDA $AMD
Save it.
Now, the bottleneck has shifted to:
• Photonics -> $AAOI $AXTI $AEHR $LITE
• Space -> $RKLB $ASTS $LUNR $PL
• AI reasoning -> $AMD $ARM $INTC $RMBS
• Power semiconductors -> $VICR $NVTS $MPWR $ON
• AI infrastructure -> $NBIS $VRT $IREN
$CEG • Energy -> $VST $NEE $VPG $SYM
• Robot -> $OUST
$ONDS $KTOS $AVEX
• Defense -> This is where capital is flowing next.
Capital flows to essential needs.
Find the bottleneck.
Invest in what eliminates it.
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