20 segments · 52 companies

AI Infrastructure Supply Chain

−6.7%chain · 1M

From tools and materials to hyperscaler capex: compute, networking and power must all be ready at once, and any link can become the bottleneck.

The AI Infrastructure Supply Chain covers 20 segments and 52 companies, 6 of them chokepoints.
Over the past month the chain's median listed company returned −6.7%, against 0.0% for the S&P 500.
The strongest segment is Power supply & PPAs (+7.0%) and the weakest Lasers & analog ICs (−18.8%), a 25.8-point spread.

The chain, stage by stage

Upstream on the left, end demand on the right. Figures are 1-month returns; the segment shows its median.

Open the interactive chain map in Hub

ComputeNetworkingPower & cooling

Tools & materials

Semiconductor equipment−13.3%

ASML−4.1%AMAT−13.4%LRCX−16.0%KLAC−13.2%

Fiber & optical materials−15.5%

GLW−15.5%AGC

Generation & grid equipment−2.6%

GEV−2.6%Hitachi

Core components

Foundry & advanced packaging−14.6%

TSM−4.4%INTC−24.9%

HBM & memory−16.6%

MU−16.6%

Lasers & analog ICs−18.8%

COHR−23.5%LITE−10.0%MTSI−2.4%SMTC−18.8%POET−30.6%

Power supply & PPAs+7.0%

CEG+2.8%VST+11.2%Environmentally Friendly

High-speed & power connectors−2.1%

APH−4.4%TEL+0.3%

Chips & systems

GPU accelerators−7.2%

NVDA−3.0%AMD−11.4%

Custom silicon−7.0%

AVGO−7.3%MRVL−6.7%

Optics & high-speed links−16.0%

FN−11.8%AAOI−27.7%CRDO−5.3%ALAB−20.2%

Electrical & grid build−8.7%

ETN−11.0%PWR−6.4%

Data-center build

Servers & racks−8.1%

SMCI−14.4%DELL−11.5%2317.TW−0.2%HPE−4.7%

Switching & fabric−4.5%

ANET−10.2%CSCO+1.2%

Rack power & liquid cooling−10.0%

VRT−16.3%2308.TW−3.6%

Data-center operators−5.5%

EQIX−6.1%DLR−5.0%

Electronics manufacturing−9.1%

JBL−9.1%

Optical transport & DCI−2.0%

CIEN−2.0%

Demand

Cloud & AI-cloud capex−5.3%

MSFT+7.0%GOOGL−4.7%AMZN+2.9%META−5.3%ORCL−13.5%CRWV−28.7%NBIS−27.3%

Devices & autonomy+1.6%

AAPL+1.2%TSLA+2.0%

Which segments are leading

Median price return of the listed companies in each segment.

1M3M12M

Power supply & PPAs+7.0%

Devices & autonomy+1.6%

Optical transport & DCI−2.0%

High-speed & power connectors−2.1%

Generation & grid equipment−2.6%

Switching & fabric−4.5%

Cloud & AI-cloud capex−5.3%

Data-center operators−5.5%

Custom silicon−7.0%

GPU accelerators−7.2%

Servers & racks−8.1%

Electrical & grid build−8.7%

Electronics manufacturing−9.1%

Rack power & liquid cooling−10.0%

Semiconductor equipment−13.3%

Foundry & advanced packaging−14.6%

Fiber & optical materials−15.5%

Optics & high-speed links−16.0%

HBM & memory−16.6%

Lasers & analog ICs−18.8%

S&P 5000.0%

Devices & autonomy+13.9%

Servers & racks+12.3%

Cloud & AI-cloud capex+7.6%

GPU accelerators+4.3%

Custom silicon+1.5%

Switching & fabric−0.3%

Foundry & advanced packaging−1.7%

Data-center operators−2.7%

Lasers & analog ICs−3.5%

Power supply & PPAs−4.7%

Electrical & grid build−6.6%

HBM & memory−7.7%

Generation & grid equipment−10.2%

Optical transport & DCI−11.3%

Electronics manufacturing−12.7%

Fiber & optical materials−13.5%

Rack power & liquid cooling−20.8%

High-speed & power connectors−21.0%

Semiconductor equipment−21.9%

Optics & high-speed links−26.9%

S&P 500+4.7%

HBM & memory+342.2%

Optical transport & DCI+108.7%

Lasers & analog ICs+97.6%

Foundry & advanced packaging+95.0%

Custom silicon+91.3%

Servers & racks+83.5%

GPU accelerators+75.7%

Semiconductor equipment+70.8%

Fiber & optical materials+59.0%

Generation & grid equipment+56.1%

Optics & high-speed links+52.9%

Rack power & liquid cooling+42.7%

Switching & fabric+39.6%

Electronics manufacturing+37.8%

Electrical & grid build+20.9%

Data-center operators+12.8%

Devices & autonomy+8.9%

Cloud & AI-cloud capex+3.6%

High-speed & power connectors−21.4%

Power supply & PPAs−23.0%

S&P 500+15.8%

Chokepoints

Concentrated, hard-to-replace links that can cap the whole chain.

Semiconductor equipment · ASML is the sole supplier

Chips at 7nm and below need EUV lithography, and only ASML makes it at volume; limited annual output and long lead times pace leading-edge capacity.

Foundry & advanced packaging · CoWoS demand exceeds supply by ~20%, seen near 10% by end-2026

AI accelerators rely on TSMC leading-edge nodes and CoWoS packaging to join GPU and HBM; CoWoS capacity keeps falling short and caps AI chip shipments.

HBM & memory · Three suppliers; SK hynix holds over half

Only SK hynix, Samsung and Micron make HBM at volume; slow yield and capacity ramps make HBM supply a limit on AI chip shipments.

Lasers & analog ICs · Main suppliers include Lumentum and Coherent

AI data-center optics need indium phosphide laser chips, whose capacity grows slowly; suppliers say the gap now exceeds DRAM and NAND, pacing optical build-outs.

Generation & grid equipment · GE Vernova gas backlog and slot reservations hit 62 GW in 3Q25

Data-center and power demand has booked large gas turbines years ahead; few makers can build them and expansion is slow, pacing new generation.

Data-center operators · Primary-market vacancy hit a record-low 1.4% at end-2025

Primary data-center markets have almost no vacant space, and new builds wait on power hookups and construction, so AI deployments queue for capacity.

Key numbers

2025 Big Tech capex$400B+IEA · Key Questions on Energy and AI

2025 data-center power growth+17%IEA · Key Questions on Energy and AI

AI factory capacity, 18 months3×+IEA · Key Questions on Energy and AI

Sources

IEA · Energy and AI 2025 报告
IEA · Key Questions on Energy and AI 2026 报告
LBNL · 美国数据中心用电研究 2024 报告
NVIDIA · 年度报告 2026-09-16 来源记录
Eaton · 2025 股东信 2025 年报
Vertiv · 投资者资料 2026-09-16 来源记录
Amphenol · Markets 2026-10-07（查阅）
TE Connectivity · Data Center & AI Portfolio 2026-10-07（查阅）
Jabil · Data Center 2026-10-07（查阅）
Ciena · Products 2026-10-07（查阅）
ASML · EUV lithography systems 2026-10
GE Vernova 3Q25 results (8-K) 2025-10-22
TrendForce · TSMC CoWoS supply-demand gap 2026-06-15
TrendForce · 2Q25 foundry revenue and market share 2025-09-01
TrendForce · HBM market and its three suppliers 2025-09-17
TrendForce · InP shortage in AI optical interconnect 2026-08-06
CBRE · North America data center market 2025 2026-02-26

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