AI themes for 2025-2030:

• Power is the core bottleneck

• Cooling shifts as GPU TDP and rack power climb

• PCB shortages for GPUs & ASICs

• Storage & memory spike from inference and video/image generation

• Optics ramp as DCs move from 100 MW to 1 GW (Optics is the next memory!)

Linear drives are commodities, but this graphic has lots of hidden plays.

I would recommend finding the top suppliers for each component mentioned here. Worth noting that some of them are still private companies. NFA.

$COHR $CIEN $LITE $VIAV $ANET $CSCO $AAOI $KEYS

+ Innolight (Zhongji Innolight Co Ltd) 300308

+ Accelink (Accelink Technologies Co Ltd): 002281

+ Sumitomo (Sumitomo Corp): 8053