The AI trade is bigger than $NVDA

Everyone keeps framing AI as a single stock story. But the actual spend moves through a long supply chain.

Big Tech capex flows in stages. It does not go straight to GPUs.

� Tools and equipment first
ASML
Lam Research
Applied Materials

�� Then the fabs that make the silicon
TSMC
Intel
GlobalFoundries

�� Then the real choke points
Broadcom
Marvell
Credo Technology
Amphenol
Coherent
Lumentum

�� Servers ship at the end
Super Micro Computer
Hewlett-Packard Enterprise
Dell

Many of these stocks trade as if AI spending slows soon. Capex plans across Big Tech point the other way.

The middle of the chain looks underwatched.

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