What's holding up the next AI data center?
We track the turbines, transformers, memory chips and lasers with multi-year lead times — plus Korea and Taiwan export data, forecasts and management commentary — and map each shortage to the 260 stocks that control it.
Money questions at CoreWeave
It was a broad up day for AI infrastructure: most of the stocks we follow rose. Chips, memory and networking outperformed the power, construction and cloud names. The market is paying for the parts that are scarce today over the parts that still need financing to get built. The strongest part of the chain was Memory & storage; the weakest was Physical AI. The wider market rose 1.3%, so part of the move was simply the market.
- Intel signed a dealDeals like this lock up scarce capacity in Leading-Edge Chipmaking and extend visibility for suppliers. It confirms buyers are still committing...
- Micron Technology jumped without a clear catalystMoves like this without news often follow the group; AI Memory is rated 88/100 on our tightness score, so the supply backdrop is supportive.
- Coherent jumped without a clear catalystMoves like this without news often follow the group; Laser Chips for Optics is rated 82/100 on our tightness score, so the supply backdrop is supportive.
- Bloom Energy jumped without a clear catalystMoves like this without news often follow the group; Onsite Power is rated 72/100 on our tightness score, so the supply backdrop is supportive.
- Money questions at CoreWeaveFor holders of capital-hungry names (neoclouds, onsite power, developers), the risk right now is funding and dilution rather than orders. Favour...
21 bottleneck owners in uptrends
What compute costs to rent today
Where supply is shortest right now
Where supply is catching up
An easing bottleneck means buyers gain bargaining power — usually bad for that supplier's margins.
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Headlines and stock moves for chips, memory, optics, power, cooling and materials, plus the week's earnings and data releases.
What the trade data says
Forecasts we're tracking
From the chip to the power plant — and who benefits
Each sector groups the bottlenecks that have to clear before AI capacity gets built, plus the sectors AI is changing fastest.
GPUs, memory, foundry, packaging, optics
Lithography, chip equipment, foundry, AI memory (HBM), packaging, lasers and optics decide how many AI chips actually ship.
Turbines, grid, transformers, nuclear, cooling
Gas turbines, transformers, grid connections, nuclear, onsite power, cooling and electricians decide where the next AI data center can switch on.
Copper, rare earths, gallium, gases
Copper, rare-earth magnets, gallium, germanium, antimony, uranium inputs and specialty gases sit under every other layer.
Robots, humanoids, robotaxis, drones
Reducers, bearings, servos, sensors and edge compute decide where AI leaves the data center and does paid physical work.
Hyperscalers, cybersecurity, drug discovery, software, space, quantum
Where AI demand spills over: the hyperscalers paying for the build, and the sectors AI is re-rating — cybersecurity, drug discovery, AI software, devices, space and quantum.
The stocks that set the tone
| Stock | Why it matters | Last | 1D | 1M | 3M trend |
|---|---|---|---|---|---|
| NVDA NVIDIA |
Demand aggregator for HBM, packaging, optics and robotics compute | $166.2 | −4.34% | −24.9% | |
| TSM Taiwan Semiconductor |
Leading-node foundry and CoWoS packaging chokepoint | $405.5 | −1.90% | −5.7% | |
| MU Micron Technology |
US HBM/DRAM supplier; allocation thesis pulse | $798.4 | −1.59% | −12.7% | |
| ASML ASML Holding |
Sole EUV lithography supplier | $1,497.1 | −2.43% | −9.2% | |
| LITE Lumentum |
EML and CW lasers for 800G/1.6T | $624.6 | −3.61% | −30.3% | |
| GEV GE Vernova |
Gas turbines, grid equipment and SMRs | $818.5 | +1.27% | −13.0% | |
| VRT Vertiv |
Power and liquid-cooling chain for AI racks | $209.6 | +1.52% | −5.9% | |
| CEG Constellation Energy |
Largest US nuclear fleet; hyperscaler PPAs | $282.4 | +2.79% | +1.0% | |
| 000660.KS SK hynix |
HBM share leader | ₩1,254,000 | −1.80% | −11.6% | |
| ETN Eaton |
Electrical content per data-centre MW | $359.0 | −0.44% | −11.9% | |
| MP MP Materials |
US rare-earth mine and magnet plant | $37.45 | +1.96% | −6.3% |
Next 14 days
Method. We cover the physical supply chain of AI data centers — chips, memory, packaging, optics, power, cooling, materials — plus Physical AI and the sectors AI is changing. Tightness scores are editorial; prices are delayed; headlines link to their publishers. How we score → Disclosure. Educational research by Singularity Research / PM Alpha Inc. Not investment advice. Principals may hold positions.