Nasdaq-100 down -4.7% YTD - AI, energy, and semis stocks are driving a new cycle.

Bottlenecks define winners - and pricing power follows.

$WDC Western Digital | +71% YTD HDD + NAND supplier leveraged to AI storage demand. 46.1% gross margin signals pricing strength. Planned HDD/flash split could unlock value while hyperscale demand supports strong FCF expansion.

$STX Seagate | +56% YTD Enterprise storage leader. 42.2% gross margin and $607M FCF highlight pricing power. HAMR tech enables higher density, critical for AI data growth and cloud scaling.

$INTC Intel | +37% YTD CPU + foundry model. EUV yield improvements support margin recovery while Gaudi chips push into AI compute. Foundry separation adds transparency to turnaround.

$ARM Arm | +36% YTD Licenses chip architectures. v9 transition increases royalties as AI chips demand more advanced cores. High-margin model scales without heavy capex needs.

$AMAT Applied Materials | +36% YTD Semiconductor equipment leader. $1.56B spares revenue shows strong recurring base. Rising complexity in DRAM and packaging drives long-term tool demand.

$BKR Baker Hughes | +33% YTD Energy tech + LNG exposure. $35.9B backlog anchored by global gas projects. Long-cycle contracts support stable cash flows despite drilling volatility.

$FANG Diamondback | +29% YTD Permian pure-play. ~512k bpd output generates ~$1B FCF. Low-cost acreage and disciplined capex drive strong shareholder returns.

$MU Micron | +28% YTD Memory leader. 74.4% gross margin reflects tight HBM supply. AI servers require more memory per system, increasing pricing leverage.

$LRCX Lam Research | +28% YTD Wafer equipment supplier. Higher process steps per chip boost tool demand. Large installed base supports recurring service revenue growth.

$ODFL Old Dominion | +26% YTD Premium LTL carrier. Yield management offsets 10.7% volume decline. Strong pricing discipline drives resilient margins and cash flow.

$MRVL Marvell | +26% YTD AI networking + custom silicon. 59% gross margin reflects high-value positioning in hyperscale infrastructure buildout.

$KLAC KLA Corp | +25% YTD Inspection + metrology leader. Advanced nodes require more control steps, embedding tools deeper into chip production. Strong FCF supports returns.