From the worship of computing power to practical infrastructure, this round of research reports is bringing AI investment back from consumer-side narratives to B-end hard assets.

Several investment banks have released AI infrastructure research reports, breaking down computing power expansion into second-order bottlenecks: storage/memory, SSD controllers, data center power supply/liquid cooling, GPU/cloud platforms, MLCC, AI security. AI data centers extend from GPUs to the backend, and the supply-demand imbalance has driven up the ratings and target prices of related stocks, aligning with the increase in market value of MU, SK Hynix, and the trend of strong overnight trading. The research reports cover SNDK, MU, SIMO, NVDA, AMZN, VST, ECL, generally optimistic about leading storage/memory and computing power expansion leaders.