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심층 분석 7 분 분량 · ← 전체 해설

Research and information only — nothing here is investment advice or a recommendation. Public markets have organized themselves around this database's layers; this article maps the segments so the Stocks page reads like the rest of the site.

The segments, layer by layer

Silicon: designers (NVDA, AMD, custom-ASIC houses AVGO/MRVL), the foundry (TSM), memory (hynix/MU/Samsung), equipment (ASML and the tool quartet). Systems: server builders (SMCI, Dell, Taiwanese ODMs), networking (ANET, optics names, connectors). Facilities: data-center REITs (EQIX, DLR) and the private giants behind them. Power: merchant nuclear (CEG, VST, TLN), turbines and grid gear (GEV, Siemens Energy, ETN, VRT), SMR speculatives (OKLO, SMR). Platforms: hyperscalers and the listed neoclouds (CRWV, NBIS, IREN). Most frontier labs remain private — exposure to them routes through their suppliers and investors.

What 2023–25 actually rewarded

The market paid, in rough order: the chip monopoly, then the picks-and-shovels around it (Vertiv-class thermal/electrical, optics), then the power trade (the 2024 surprise — utilities as AI stocks), then the contract-backed neoclouds. Each wave started when a bottleneck became legible in earnings calls — a pattern worth noticing more than any single name.

The honest uncertainties

Concentration: a handful of buyers (four hyperscalers plus OpenAI) fund most of the chain — their capex decisions are systemic risk. Circularity: vendors investing in customers (the bubble debate) makes demand harder to read. Depreciation: GPU fleets age against an annual roadmap. Efficiency shocks: R1-style results reprice everything in a day. And policy: export rules rewrite addressable markets overnight. None of these has a settled answer; our Trends page tracks the labeled numbers on all of them.

Disclosure once more: this site is a research database. It does not recommend, rate or advise on securities. Verify every figure against primary sources.

더 보기 산업 및 미래

The Full Supply Chain, Sand to Intelligence 읽기 → The Chip War, in Plain English 읽기 → 2030 and Beyond: Scenarios, Not Prophecies 읽기 →