As memory evolved from a neglected component to becoming AI’s primary bottleneck, the next wave of growth could involve stocks of companies generating recurring revenue from AI workloads. To identify the next big winners, investors need to stop focusing on what has already worked and instead anticipate what the market will be discussing in eighteen months. In January 2025, as the latest boom was starting, almost no one mentioned memory as the next great AI trade. The parallel with memory suggests that companies providing essential and repeatable infrastructure for AI could experience a similar rise.
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