❌Can't Hold US Stocks-----Breaking Down Core AI Electronic Components

—— Corresponding US AI CapEx Chart, this way you'll know what's up, and you'll be able to hold on, where AI is getting stuck.

1. PCB / AI Server ODM (System Assembly)

♨️Core Logic: AI Server Upgrade → Surge in Demand for High-Layer PCBs and High-Speed PCBs.

• Flex Ltd. —— $FLEX
• Celestica —— $CLS
• Jabil —— $JBL
• TTM Technologies —— $TTMI

2. MLCC (Multi-layer Ceramic Capacitor)

Core passive components under high frequency and high power in AI servers.

• Vishay —— VSH (Mainly focuses on passive components / MLCC)
• Murata (OTC) —— MRAAY (Global Leader)
• Taiyo Yuden (OTC) —— TYOYY

3. CPO (Co-packaged Optics) US Chip / Platform

One of the most important directions for AI data centers.

🅰️CPO Chips / Switch Platforms
• Broadcom —— $AVGO
• Marvell —— $MRVL
• NVIDIA —— $NVDA

🅱️Optical Modules / Optical Devices

• Lumentum —— $LITE
• Coherent —— $COHR
• Applied Optoelectronics —— $AAOI

4. HBM (High Bandwidth Memory) US Stocks

♨️HBM Determines AI GPU Limits

• Micron —— $MU (The only HBM producer in the US)

Non-US Core

• SK Hynix (Global HBM Leader)
• Samsung Electronics

5. CCL (Copper Clad Laminate) US Stocks

Very few pure CCL US stocks, below are related materials / substrates.

• Rogers —— $ROG (High-frequency board material, core material for PCB)

6. FPC (Flexible Printed Circuit) US Stocks

Not the core direction in the AI chain. Almost no pure FPC US stocks, below are related to flexible circuits / interconnects.

• TE Connectivity —— $TEL (Flexible connectors, FPC components)
• Amphenol —— $APH (Flexible interconnects, FPC connectors)

7. DRAM (Memory)

• Micron —— MU (The only major DRAM manufacturer in the US)

8. NAND (Flash Memory)

• Micron —— MU (Also produces NAND)

9. GPU (Graphics Processor / AI Chip)