The AI buildout is the largest capital cycle of our generation. Hundreds of billions of dollars a year now flow into the chips, the fabs, the tools that make the chips, the software that designs them, the optical fibers that connect them, and the warehouses that house them. The companies receiving that spend look nothing like each other.
At Value & Momentum Portfolio, we’ve been working through this landscape one company at a time. The 21 names below aren’t the entire AI infrastructure universe, but they’re the ones we’ve covered so far, and they’re broad enough to map the value chain. Full single-name write-ups are in the Substack archive.
They share one thread: each benefits from the AI buildout. Underneath, they could not be more different. Some sell the irreplaceable software that designs every advanced chip on earth. Others physically print transistors onto silicon, one atom at a time. Some rent the resulting compute by the hour. A few are 50-year-old titans with monopoly moats; others are former Bitcoin miners retrofitting warehouses to host GPUs.
And then there is NVIDIA: sitting at the center of the ecosystem, referenced by almost every other company on this list, sometimes as customer, sometimes as competitor, sometimes as both.
What follows maps these companies onto the value chain, compares their business models, weighs their moats, and places each on the spectrum from quality compounder to speculative bet. The goal isn’t to recommend any of them. It’s to clarify what you’re actually buying when you buy each one.
Disclaimer
This report is provided strictly for informational purposes and does not constitute financial advice, an offer to sell, or a solicitation to purchase any securities. The author may hold a position in securities discussed. The analysis reflects independent research conducted without external compensation or existing business relationships with the mentioned entities. Please be advised that investing involves significant risk, and past performance is never a guarantee of future market results. Readers should conduct their own due diligence or consult a licensed professional before making any investment decisions based on this data. All information is sourced from public filings and is considered current only as of the date of 8th May 2026.
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