Here's a 5-year AI infrastructure roadmap broken into three distinct waves—each with different winners and different timelines.
Wave 1 (2026-2027): Compute Buildout
This is chips, memory, optics, data centers. The hyperscalers ($MSFT, $AMZN) keep spending. $NVDA and $AMD dominate AI chips. $AVGO and $MRVL lead custom silicon. $TSM is the foundry. $MU supplies memory and HBM. Optics play through $COHR and $LITE. Connectivity via $CRDO and $ALAB. Networking through $ANET, $CIEN, $NOK. Servers from $DELL. Neoclouds like $NBIS, $IREN, $CRWV. AI data centers via $CIFR. Cooling from $VRT. Cybersecurity with $CRWD.
Wave 2 (2027-2028): Power Bottleneck
Nuclear, grid, gas, raw materials. Nuclear power from $VST and $CEG. Next-gen nuclear plays are $OKLO and $SMR. Uranium through $CCJ. On-site power via $BE. Gas turbines from $GEV. Grid equipment from $ETN. Natural gas via $EQT. Copper from $FCX. Rare earths from $MP.
Wave 3 (2028-2030+): AI Everywhere
Software, robots, defense, space. AI software leaders are $PLTR and $NOW. Robotics through $TSLA. Autonomy via $GOOGL. Drones from $ONDS and $AVAV. Defense tech via $KTOS. Space plays include $SPCX and $RKLB. Satellite connectivity from $ASTS. Quantum computing via $IONQ. AI-powered finance through $HOOD.
The AI buildout is sequential, not simultaneous. Each wave creates the infrastructure for the next. Watch the transitions.
Wave 1 (2026-2027): Compute Buildout
This is chips, memory, optics, data centers. The hyperscalers ($MSFT, $AMZN) keep spending. $NVDA and $AMD dominate AI chips. $AVGO and $MRVL lead custom silicon. $TSM is the foundry. $MU supplies memory and HBM. Optics play through $COHR and $LITE. Connectivity via $CRDO and $ALAB. Networking through $ANET, $CIEN, $NOK. Servers from $DELL. Neoclouds like $NBIS, $IREN, $CRWV. AI data centers via $CIFR. Cooling from $VRT. Cybersecurity with $CRWD.
Wave 2 (2027-2028): Power Bottleneck
Nuclear, grid, gas, raw materials. Nuclear power from $VST and $CEG. Next-gen nuclear plays are $OKLO and $SMR. Uranium through $CCJ. On-site power via $BE. Gas turbines from $GEV. Grid equipment from $ETN. Natural gas via $EQT. Copper from $FCX. Rare earths from $MP.
Wave 3 (2028-2030+): AI Everywhere
Software, robots, defense, space. AI software leaders are $PLTR and $NOW. Robotics through $TSLA. Autonomy via $GOOGL. Drones from $ONDS and $AVAV. Defense tech via $KTOS. Space plays include $SPCX and $RKLB. Satellite connectivity from $ASTS. Quantum computing via $IONQ. AI-powered finance through $HOOD.
The AI buildout is sequential, not simultaneous. Each wave creates the infrastructure for the next. Watch the transitions.