Super Wave Cycle AI in the US Stock Market – Complete All Circulating Capital Flows

Currently, the flow of capital is no longer simply “betting on AI.” Money is circulating throughout the entire supply chain—each tier, one after another.
Wave 1: Semiconductors
NVDA – Nvidia: the core of AI GPUs. ARM – CPU architecture platform. AMD – dual-player GPU + CPU. AVGO – Broadcom: AI networking chips + ASIC. INTC – Intel: accelerating to catch up.
This is the starting point of the AI revolution. The first flow of capital is primarily into this group.

Wave 2: Memory
MU – Micron: greatly benefiting from HBM. WDC – Western Digital. STX – Seagate. SNDK – SanDisk.
As computing power skyrockets, storage demand also explodes.
HBM prices have increased by 60%, and production capacity is fully booked through 2028.

Wave 3: Optical Modules and Optical Communication
NOK – Nokia: telecommunications equipment. LITE – Lumentum: optical components. COHR – Coherent: laser diodes. AAOI – Applied Optoelectronics: optical modules. GLW – Corning: optical cables. CIEN – Ciena: optical networks. MRVL – Marvell: data center connectivity.
Data centers need to transmit enormous amounts of data.
Demand for 800G and 1.6T optical modules is booming.

Currently: AI Computing and Data Centers
Capital is pouring into:
IREN – AI computing infrastructure. CIFR – Cipher Mining: shifting from coin mining to AI compute. WULF – Terawulf: energy + AI compute. CORZ – Core Scientific: AI infrastructure. NBIS – Nebius: cloud AI. CRWV – AI data centers. P – Pinterest: AI applications.
This is the hottest group right now.

Next Potential Circulating Groups

1. Raw Materials and Rare Earths
   MP – MP Materials: rare earths. USAR – USA Rare Earth. UUUU – Energy Fuels: uranium + rare earths. FCX – Freeport-McMoRan: copper. AA – Alcoa: aluminum.
   AI data centers are “power-hungry monsters.”
   Materials and rare earths could become supply bottlenecks.

2. Networking Equipment
   ANET – Arista: data center switches. AVGO – Broadcom. MRVL – Marvell. CSCO – Cisco.

3. Power, Power Grids, and Cooling Systems
   VRT – Vertiv: power + cooling for data centers. ETN – Eaton: power management. GEV – GE Vernova: electrical equipment. CEG – Constellation Energy: nuclear power. SMR – NuScale: small modular nuclear reactors. OKLO – Oklo: next-generation nuclear power.
   Electricity demand for AI data centers is surging.
   Nuclear and grid infrastructure are long-term stories.

4. Aerospace and Space
   ASTS – AST SpaceMobile: telecommunications satellites. RKLB – Rocket Lab: commercial rockets. LUNR – Intuitive Machines: lunar landers. PL – Planet Labs: Earth observation satellites.

5. Defense and Drones
   KTOS – Kratos: drones + defense. AVAV – AeroVironment: drones. ONDS – Ondas: drone systems. LMT – Lockheed Martin: defense conglomerate.

6. Robots and Autonomous Vehicles
   TSLA – Tesla: self-driving + robots. PATH – UiPath: RPA robots. SYM – Symbotic: warehouse robots. SERV – Serve Robotics: delivery robots.

Conclusion
The super-cycle of AI waves is unfolding in a very clear sequence:
Wave 1: Semiconductors
Wave 2: Memory
Wave 3: Optics
Currently: Compute + Data Centers
Upcoming: Raw materials – Power – Nuclear – Space – Defense – Robots
Capital rotation isn’t about chasing every industry. It’s about staying ahead, sitting in the next group, and waiting for the capital to push prices higher. The latecomers are always the ones who arrive last.