NVIDIA
GPU / ASIC
Strong accelerator sales and deployed systems support the supplier thesis. Durability requires qualified supply, continued customer deployment and retained cash; buyer investment returns are a separate test.
SOVEREIGN RESEARCH / DELIVERED COMPUTE
Companies
Vertiv
Rack power / cooling
Thermal and power infrastructure benefits from complex deployments; current supplier cash conversion provides stronger evidence than product qualification alone. Project timing and acquisition integration remain risks.
Constellation Energy
Power generation
Existing dependable generation and long-term offtake provide exposure to power scarcity. Future uprates improve potential supply, but timing and contract economics determine value capture.
Vistra
Power generation
Generation and long-term contract opportunities provide power exposure, while extensive hedging delays merchant repricing. Potential federal credit is optionality until legally approved terms and disbursement are evidenced.
Arista Networks
Networking
Networking growth supports the useful-work thesis, but Arista must retain customer time value through competitive performance and margins. Consolidated revenue and guidance do not isolate AI-only economics.