The AI bull market enters the second half, and the market is rewarding the "people selling shovels"

Recently, the AI sector has once again become one of the strongest main themes in the global capital markets, and Marvell's surge in price reminded me of a pattern in past crypto bull markets: those who make real money are often not the best storytellers, but those who control the infrastructure.

At Computex 2026, Jensen Huang publicly mentioned Marvell and believed it has the potential to grow into the next trillion-dollar market cap company. After the news broke, MRVL's stock soared over 30% in a single day, with its market cap quickly surpassing $200 billion. The market's aggressive valuation essentially bets that AI computing demand will continue to explode in the coming years.

As a crypto trader, I pay more attention to the underlying capital logic.

In the past, the market enthusiastically promoted AI applications, AI agents, and AI concept coins, but as the industry develops, capital is beginning to focus on underlying infrastructure. Whether it's Nvidia's GPUs, or Marvell's optical modules, custom chips, and high-speed interconnect technologies, they are all indispensable "shovel-selling" businesses in the AI era.

This is very similar to the crypto industry. The projects that truly deliver long-term value in each bull market are often not short-term hot projects, but infrastructure layers such as exchanges, public blockchains, computing power networks, and stablecoins. Because regardless of how the market changes, traffic and capital ultimately need to pass through these underlying channels.

From a trading perspective, Marvell's explosion is not just about a company's stock rising; it represents the market re-pricing the AI infrastructure track. If tech giants like Google, Microsoft, and Amazon continue to expand their AI capital expenditure, the entire AI hardware supply chain could see a new round of valuation increases.

Of course, high valuation means high expectations. Once AI investment growth slows down, related sectors may face a correction. But at least for now, capital continues to flow into computing power and infrastructure, and this main theme is still ongoing.

For investors, rather than chasing short-term hot topics, it’s better to focus on those who truly control underlying resources and core technologies, because the market ultimately rewards infrastructure. #英伟达大涨6%创历史新高 @Gate 广场