AI market sentiment heats up again, with the real opportunity possibly lying in “selling the shovels”

There is one detail worth noting in this round of rebounds among U.S. AI-related stocks: the strongest gains have not come only from AI application companies, but also from a large number of infrastructure companies that “sell the shovels.” On September 17, the Philadelphia Semiconductor Index rose 3.14%, ARM rose 8.57%, Intel rose 7.67%, AMD rose 6.36%, Micron rose 5.5%, SanDisk rose 6.21%, and Nvidia also rose 2.54%.

Why have funds started chasing computing power again?

Because the AI industry ultimately still depends on real hardware investment for support. The more complex the models, the more users there are, and the more widespread AI applications become, the more GPUs, CPUs, HBM, SSDs, networking equipment, and data center infrastructure are needed. The market had previously worried that AI investment might slow, but recent trading has reflected another expectation: AI infrastructure construction may still be in an expansion phase.

Demand expectations signaled by Nvidia, along with higher GPU cloud service prices, have also refocused the market’s attention on the supply and demand relationship for computing power. #Gate广场中秋团圆局 + ​​​#美股AI概念股全线反弹

However, investors should not automatically interpret “AI + gains” as meaning that the market has re-entered a one-way bull market. High valuations, the interest-rate environment, and the return on corporate AI investment will still determine how far this rebound can go.

From a trading perspective, the biggest change this time is that funds are once again willing to price in the AI growth story. If leaders continue to rise and the gains spread from chips to memory, servers, networking, power, and data centers, then what the market is seeing is not merely a rebound, but potentially a process in which the AI industry chain regains investors’ attention.

The AI story is not over, but the market has begun asking again: who can truly make money from AI investment?