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Four stocks to invest in an industry with exploding demand
How to trade the AI infrastructure boom from here
Eight stocks to invest in soaring AI electric power consumption
Learn our Top Themes to buy now
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This week, the bull case for “the world’s most important trend” got a little stronger. And it’s increasingly looking like the “AI bulls” are right.
As evidence, we cite the new all-time highs reached yesterday by Everpure (P), Arista Networks (ANET), NetApp (NTAP), and Hewlett Packard Enterprise (HPE).
Each of these tech firms has heavy exposure to the AI infrastructure buildout.
Arista makes high-speed networking switches connecting GPUs and servers in AI data centers.
Hewlett Packard Enterprise supplies AI servers, networking equipment, storage systems, and advanced data center cooling.
Everpure provides high-performance flash storage enabling rapid data access for AI workloads.
NetApp makes enterprise data storage and management systems that support AI training and inference.
This round of new highs for companies heavily leveraged to the AI infrastructure boom is yet another positive signal that indicates a healthy megatrend.
Over the past month, we’ve published a special series of research notes analyzing the AI infrastructure trend.
The status of this critical trend has become one of the great sagas of the business and investment world… a source of intense disagreement among industry bulls and bears. It’s a trend whose outcome could have large effects on your portfolio.
Given AI’s enormous promise, large tech firms such as Alphabet (GOOG), and Microsoft (MSFT) have invested over $1 trillion in AI infrastructure. They are on pace to invest over $700 billion this year alone and more than $3 trillion after that.
Both the scale and the velocity of this investment boom are unprecedented. It is the largest collective investment effort in history.
Big Tech’s historic investment boom has made the entire “AI infrastructure” trend responsible for a large share of America’s GDP growth and stock market returns over the past two years. It has also drawn the skeptical scrutiny of many widely followed investment analysts who claim the trend is a bubble… one that will soon explode and cause tremendous damage to stock prices and the global economy.
If this hugely consequential trend isn’t the most important trend in the stock market, then it is certainly in the top three.
I believe the AI infrastructure trend has years to run. I believe the world’s smartest, most connected tech insiders who know the true state of bleeding-edge AI development and have real-time stats on AI investment ROI, such as Elon Musk, Jensen Huang (Nvidia), Satya Nadella (Microsoft) and Andy Jassy (Amazon), perhaps maybe… just might… know far more about AI and their businesses than outsiders know about it.
As much press as AI gets, let’s remember that less than 1% of the global population pays for top-tier AI programs. And I estimate less than 10% of large companies believe AI has made a meaningful impact on their businesses.
This revolutionary technology hasn’t yet proliferated, achieved mass adoption, or had mass impact.
Regular readers know I care a lot more about what the market thinks of any stock, trend or theme than what any one person thinks of it, including me. You can be bullish or bearish on a trend all you like, but if that trend is moving strongly against you, then your idea isn’t worth much in my book.
In the case of AI infrastructure, the market is favoring the bullish case.
Not only are the companies above reaching new highs, but we’re seeing tremendous strength in AI chip leader Nvidia (NVDA), semiconductor manufacturers Taiwan Semiconductor (TSM) and the Roundhill Magnificent 7 ETF (MAGS), which owns the “hyperscalers” that are spending big on AI data center construction.
On the stock market’s “scales of justice,” the weight of the evidence continues to heavily favor the bulls.
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In yesterday’s issue, we detailed how strong fundamentals are powering a big bull market in the world’s largest healthcare stock ETF – the State Street Health Care Select Sector SPDR ETF (XLV).
This key investment fund is up 35.4% over the past three years, 17.8% over the past 12 months, and is trading near its all-time high.
XLV owns a “who’s who” of big-time healthcare firms. It holds a diversified basket of drugmakers (Merck, Eli Lily), healthcare tools and services firms (Thermo Fisher, Danaher), medical device firms (Intuitive Surgical, Medtronic), and other assorted components of the healthcare industry.
These high-profile firms are benefitting from a “superboom” in health care spending… which is driven by the enormous Baby Boom generation entering the period of life where spending on healthcare skyrockets.
However, a large and varied ecosystem of smaller but critical health care businesses is worth knowing about and owning. They comprise a huge – yet usually unseen – infrastructure layer of equipment and service providers that enable doctors, nurses, clinicians, and executives to do their jobs.
This is the world of CT scanners, hospital software, surgical tools, stents, catheters, wearable medical devices, endoscopes, artificial hips, X-ray machines, MRI machines, lab service providers, syringes, and the list goes on.
The U.S. spends more than $5 trillion on health care annually, or about 18% of GDP. This means the world of Healthcare Equipment & Services is large, varied, and full of opportunity.
Compelling “off the radar” healthcare stocks that are positioned to benefit from the trends detailed above include:
Dexcom (DXCM) is a $33 billion company that makes continuous glucose monitors (CGMs). These are wearable sensors that have replaced the traditional fingerstick testing for millions of diabetics.
DXCM has historically only competed in the type 1 diabetes market, but it is expanding into type 2 diabetes to compete with the likes of Abbott (ABT). Management has noted that about 500 million people have diabetes worldwide, and only 2% of them are on a CGM, which frames the massive addressable market ahead for DXCM.
Edwards Lifesciences (EW) is a $50 billion company that is the leader in transcatheter heart valves. This is the product needed in minimally invasive replacement procedures that have made open heart surgery unnecessary for hundreds of thousands of patients. The company benefits from aging populations, rising diagnosis rates, and the growing adoption of less invasive cardiac procedures.
West Pharmaceutical Services (WST) is a $26 billion manufacturer of specialized packaging and drug-delivery components used by drug companies. Its products include rubber stoppers, seals, syringe components, and systems for safely storing and administering injectable drugs.
West is a key player in biologics, vaccines, and GLP-1 weight-loss medications. Its products must meet strict regulatory and quality standards, creating high switching costs and durable customer relationships. Once a component is approved for use with a drug, manufacturers are reluctant to change suppliers. Over the past 12 months, revenue has grown by 12.4%.
TransMedics Group (TMDX) is a $2.8 billion medical technology company specializing in organ transplantation. Its flagship Organ Care System (OCS) keeps donated hearts, lungs, and livers functioning outside the body by circulating warm, oxygenated blood through them, unlike traditional cold-storage methods.
This technology can extend organ preservation time, improve organ assessment, and increase the number of viable organs available for transplantation. TransMedics also operates its National OCS Program, providing organ retrieval, transportation, and logistical services, including its own aircraft fleet.
The enormous Baby Boom generation has long moved through the economy like a pig through a python, creating massive surges in demand for products and services at each stage of life. Now, the generation is fueling what could be the biggest and most profitable boom yet: healthcare. We recommend staying long.
Credit: RelaxFoto.de
Alphabet’s (GOOG) latest AI investment isn’t a new kind of semiconductor chip or a data center. It’s nuclear power.
This week, Google and nuclear power giant Constellation Energy (CEG) agreed to a massive 20-year power deal that will boost output at 11 existing nuclear reactors.
The agreement calls for at least $4 billion in upgrades to Constellation’s plants, ultimately adding roughly the same amount of electricity-generating capacity as an entirely new nuclear reactor.
Shares in Constellation jumped 12.2% after the news was released. Shares of fellow nuclear power generator Talen Energy (TLN) rose 12.4%.
The Google/Constellation deal isn’t the only big news in nuclear power. On Monday, the U.S. Department of Energy (DOE) said it has conditionally committed up to $4.2 billion in financing to upgrade and expand nuclear power firm Vistra’s (VST) nuclear fleet.
Most of the money would go toward the Beaver Valley plant in Pennsylvania and the Perry and Davis-Besse plants in Ohio. Vistra shares climbed 11% on Tuesday.
These new deals serve as a reminder: It’s going to take an enormous amount of electric power to keep the AI boom running.
Over the past year, we have written more than a dozen research notes on AI’s soaring power needs and its “ripple effects” on stocks of electric grid builders, uranium miners, and power producers such as Constellation and Vistra.
As detailed above, large tech firms are investing trillions of dollars to build the best AI applications and infrastructure. They are on pace to invest over $700 billion this year alone and more than $4 trillion after that. A huge portion of that money will go into data centers.
All those data centers are consuming increasingly large amounts of electric power. Goldman Sachs estimates that data-center electricity demand will rise 170% between 2025 and 2030. Goldman says the incremental electricity required by AI alone by 2030 will be roughly equivalent to adding the entire electricity consumption of Japan to the global power system.
Given this outlook, AI companies and their power providers are spending heavily to expand nuclear power capacity. The deals detailed above are the latest examples of this trend at work. Nuclear provides “always on” carbon-free baseload power. Bloomberg reports that surging nuclear demand will drive $350 billion in U.S. spending by 2050.
You can get long on this theme in several ways. In the past, I’ve mentioned nuclear power equipment and service companies such as BWX Technologies (BWXT, specialized manufacturing), Mirion Technologies (MIR, nuclear facility monitoring), Centrus (LEU, uranium enrichment), and Solstice Advanced Materials (SOLS, uranium processing).
I’ve also mentioned Independent Power Producers such as Constellation and Vistra. These two are not traditional, heavily regulated utility firms. Read here for more on their unique positions in the market.
You can also take the “one-click, and you’re done” route with a uranium miner fund such as the Global X Uranium ETF (URA) or the Sprott Uranium ETF (URNM). Both funds own diversified baskets of uranium miners and hold large positions in the blue-chip uranium miner Cameco (CCJ).
As you can see in the three-year chart of Constellation below, the nuclear power uptrend is alive and well. Given AI’s growing power demands and nuclear energy’s bullish demand outlook, I’m confident this uptrend will continue.
Our September 2025 recommendation to invest in oil and gas stocks continues to pay off. Oil and gas giants Shell (SHEL) and Petrobras (PBR) reached new one-year highs today.
The Iran War and its constriction of oil and refined products continues to benefit U.S. refiners. Refining giants Valero Energy (VLO) and Marathon Petroleum (MPC) reached new one-year highs today.
AI-centric defense giant Palantir (PLTR) reached a new six-month high today.
Oil shipping giant Frontline (FRO) reached a new one-year high today.
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Brian Hunt
Editor, Money & Megatrends
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Demand for AI compute is exploding. That’s bullish for this stock
This ignored corner of the semiconductor market could be a huge AI winner
You don’t own enough of this bull market that has YEARS to run
Learn our Top Themes to buy now
Credit: Ignatiev
According to documents filed for its coming IPO, leading AI firm Anthropic expects to spend a colossal $518 billion over the next decade building AI infrastructure.
Anthropic also lists who it intends to give this money to. Broadcom (AVGO) accounts for about $161 billion in equipment lease obligations, followed by Alphabet (GOOG) at $111 billion and Amazon (AMZN) at $110 billion in computing services. Smaller expected deals include SpaceX (SPCX) at up to $84.5 billion, Microsoft (MSFT) at $31 billion, and AMD (AMD) at over $20 billion.
These are the latest extraordinary developments in the proliferation of AI agents, a megatrend we call the “Agent Supernova,” which is the explosion of AI agents that work for us, think for us, shop for us, invest for us, and solve hundreds of different problems for us.
In our March 31 research note, we detailed how this megatrend is bullish for the “power management” sector of the semiconductor industry.
These days, you can’t read an AI investment research report or listen to an AI-focused podcast without hearing about its insatiable demand for electric power and how it is the limiting factor in AI proliferation.
You hear about towns protesting AI data center power consumption.
You hear how limited access to power is constraining AI infrastructure growth.
You hear why limited power access is driving Elon Musk to operate data centers in space.
All this means that the pressure to improve AI’s power consumption efficiency – or its “unit of intelligence per unit of power ratio” – is enormous.
Any improvement in AI power-consumption efficiency – no matter how small – can yield significant cost savings across the industry.
And that means companies that help improve AI’s power consumption efficiency stand to generate large returns for their shareholders.
AI data centers need high-voltage, high-density power systems to keep everything running. Edge devices like robots, smart homes, and autonomous vehicles need efficient local power management to run locally without draining batteries or generating excess heat.
You could think of the potential savings and efficiency gains here by considering America’s automotive fleet of 280 million+ cars, which drive billions of miles every year. All that driving consumes so much gasoline that even tiny gains in overall fuel economy can yield significant fuel cost savings.
Now, instead of picturing car traffic and its gasoline consumption, think of AI’s data and “thinking” traffic and its electricity consumption.
Small power-efficiency gains across many AI data centers, communication networks, and Edge Computing devices can yield significant overall power-cost savings… plus greater growth opportunities for hundreds of AI applications.
The semiconductor industry is varied. It has dozens of large players that focus on different kinds of applications. One of these applications is electric power management: Ensuring AI data centers and communication networks use power efficiently. Ensuring cars, robots, factories, phones, hospitals, and office computer networks use power efficiently.
As AI moves into its mass adoption phase, demand for innovation and quality equipment from the power management semiconductor sector will soar. This will benefit several companies with specialized technology solutions, including:
Texas Instruments (TXN) is a $286 billion semiconductor maker. It specializes in analog chips and embedded processors. Its products perform essential functions such as managing power, converting real-world signals into digital data, and controlling electronic systems. TI sells tens of thousands of products to roughly 100,000 customers, with particularly strong exposure to industrial and automotive markets.
TI chips do not need huge amounts of computing power or electricity, which makes them perfect for edge devices like sensors, motors, and smart appliances
Onsemi (formerly ON Semiconductor) (ON) is a $32 billion semiconductor maker specializing in power-management and sensing chips, with a strong focus on automotive and industrial markets. Its chips help efficiently control and convert electricity in products such as electric vehicles, EV chargers, solar systems, industrial equipment, and data centers
Navitas Semiconductor (NVTS) is a $3.3 billion company at a much earlier stage than ON and TXN. The US government recently selected it to develop next-generation 10kV silicon carbide power chips, which are power chips designed to handle 10,000 volts, or ten times more than what most chips can handle.
Electricity is converted several times between the grid and the AI chip, and each step wastes energy as heat… so chips that can handle higher voltages could eliminate steps and make the whole process more efficient. NVTS is not yet profitable, though, and the current valuation is around 45x next year’s sales, which is very rich. This makes NVTS a higher risk bet. But with revenue forecast to hit approximately $500 million by 2030, there is a large potential upside here.
We are in the early innings of the Agent Supernova. As it develops, the pressure to wring more “intelligence per unit of power” will be enormous. The companies above stand to benefit.
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Over the past month, we have published a special series of research notes analyzing the health of the AI infrastructure trend… a trend that is so large and so pervasive that the health of the U.S. economy now depends on it.
Thus, we’ve called the AI infrastructure “the world’s most important trend.”
The status of this critical trend has become one of the great sagas of the business and investment world… a source of intense disagreement among industry bulls and bears. It’s a trend whose outcome could have large effects on your portfolio.
Given AI’s enormous promise, large tech firms such as Alphabet (GOOG), Amazon (AMZN), and Microsoft (MSFT) have invested over $1 trillion in AI infrastructure. They are on pace to invest over $700 billion this year alone and more than $3 trillion after that.
Both the scale and the velocity of this investment boom are unprecedented. It is the largest collective investment effort in history.
Big Tech’s historic investment boom has made the entire “AI infrastructure” trend responsible for a large share of America’s GDP growth and stock market returns over the past two years. It has also drawn the skeptical scrutiny of many widely followed investment analysts who claim the trend is a bubble… one that will soon explode and cause tremendous damage to stock prices and the global economy.
If this hugely consequential trend isn’t the most important trend in the stock market, then it is certainly in the top three.
As we’ve detailed many times over the past month, the market is moving in favor of the supporters.
Key AI infrastructure stocks Nvidia (NVDA), Taiwan Semiconductor (TSM), and Lumentum (LITE) are reaching new highs. Plus, the “hyperscalers” such as Amazon (AMZN) and Microsoft (MSFT) are doing so well that the Roundhill Magnificent 7 ETF (MAGS) recently reached an all-time high.
If the market continues to favor the bull side of AI infrastructure, we once again remind you that “neocloud” stocks such as Nebius (NBIS) are almost certain to benefit.
Neocloud businesses own and operate AI data centers. Traditional cloud providers (AWS, Azure, Google Cloud) are generalist platforms built to serve every computing need. Neoclouds are purpose-built to serve AI companies with enormous computing needs.
Big customers like Meta use neocloud data centers so they can train and operate bleeding-edge AI models. Neocloud businesses handle all the logistics of securing, building, and operating AI data centers so AI model builders can focus on building models. In industry speak, neoclouds provide “compute” to big tech.
The neocloud stock group contains players such as Nebius, CoreWeave (CRWV), IREN (IREN), and Applied Digital (APLD). In this group, Nebius almost always gets the highest marks from industry analysts.
Nebius Group is a fast-growing “neocloud” firm. Its biggest customers include Microsoft and Meta. Microsoft signed a five-year agreement with Nebius worth about $17.4 billion, potentially rising to $19.4 billion
This year, Meta expanded its relationship with Nebius, committing $12 billion for compute capacity plus potentially another $15 billion of capacity – a deal worth up to $27 billion.
NVIDIA also invested $2 billion in Nebius and formed a strategic partnership supporting the deployment of more than 5 gigawatts of NVIDIA systems by 2030.
These huge commitments provide Nebius with strong visibility into future demand and help finance its data center expansion. They also help Wall Street forecast extraordinary growth into 2030, with revenue potentially rising over 10X to $23 billion in 2028.
Like virtually every component of the AI infrastructure trend, Nebius enjoyed a big spring rally followed by a summer correction. As you can see in the one-year chart below, the stock has recovered from its lows and is closing in on its all-time high. The bull market in neoclouds appears set to continue.
Credit: Andy
Over the past month, the investment world has been fixated on rising interest rates, the Iran War, and the AI infrastructure trade.
Given all this, it’s been easy to forget that our “Boomer healthcare” megatrend is alive and well, healthcare stocks are in a bull market, and this industry is full of investment opportunities.
As evidence, we point to the world’s largest healthcare stock ETF – the State Street Health Care Select Sector SPDR (XLV) – which is up 38% over the past three years, 19% over the past 12 months, and trading near its all-time high.
XLV owns a “who’s who” of big-time healthcare firms. It holds a diversified basket of drugmakers (Merck, Eli Lily), healthcare tools and services firms (Thermo Fisher, Danaher), medical device firms (Intuitive Surgical, Medtronic), and other assorted components of the healthcare industry.
Constant readers of Money & Megatrends are not surprised to hear such firms are doing well and reaching new highs.
For more than three years, I’ve made “Boomer healthcare” one of my highest conviction long-term investment themes. We don’t know of another investment research publication that has written more bullishly, more often about this booming industry than we have.
Over the past year, we have published more than two dozen pieces on opportunities in drug development, biotechnology, senior living facilities, genomics, cardiology, diagnostics, and more.
Our bullish stance has produced a parade of home runs, with the healthcare industry dominating the stock market’s new highs list over the past year.
Healthcare stocks are generating extraordinary returns because they are benefiting from several megatrends simultaneously…
One is a demographic tsunami. More than 10,000 Americans reach retirement age every day. The U.S. population aged 80 and older is projected to roughly double, from 14.7 million in 2025 to 29.4 million by 2045.
This is the enormous Baby Boom generation entering the phase of life where health care and longevity spending skyrocket. For many boomers, a typical month involves going to see at least one doctor to have something looked at, removed, or treated.
This means many health care businesses are experiencing huge demand now – and will for at least the next decade.
Two is exponential technological progress. Thanks to major advances in genomic sequencing, AI-powered analytics, imaging technology, and preventive treatments, healthcare is becoming much better and more personalized. This is driving strong demand for all kinds of new tests, tools, and treatments.
After all, when a useful and important service you buy gets much better, you typically buy more of it.
This means many healthcare businesses are experiencing huge demand now – and will for at least the next decade. It means boom times ahead for many “ology” businesses, stocks, and careers. Dermatology. Cardiology. Radiology. Oncology. Anesthesiology. Ophthalmology. The list goes on.
Investing in many healthcare businesses over the next decade will be investing with a gale-force tailwind at your back. If you’re a parent and worried about your child getting a job, just point them to the booming healthcare industry.
That’s my bull case. But I care a lot more about what the market thinks of a bull case, a bear case, or any other case than what any one person thinks of it (including me).
You can read a thousand opinions and forecasts related to virtually any industry or asset class. However, there’s only one source of objective truth: Market prices.
Today’s market prices are the sum and current manifestation of all knowledge held by industry insiders, connected investors, government officials, and bankers who quietly control huge swaths of the economy. These people know 50 times as much about their industries of focus as you or I do.
Their knowledge manifests itself through action… and that action that sets market prices. Market prices are not always perfect, but most of the time, they know hell of a lot more than any economist, podcaster, X poster, or investment guru.
As you can see in the three-year chart of XLV below, the people who know… the people who see real-time, proprietary insider data related to new orders, new innovations, new customers, backlogs, returns on invested capital, and free cash flows are enthusiastically supporting the key businesses operating inside the healthcare megatrend. Still bullish!
Air taxi leader Joby Aviation (JOBY) just hit a new yearly low. It’s now down 70% over the last year.
Our June 8th recommendation to invest in Eli Lilly (LLY) is performing well. The stock trades up 2% today in a weak broad market.
The Iran War and its constriction of oil and refined products continues to benefit big U.S. oil refiners. Valero Energy (VLO) and Marathon Petroleum (MPC) reached one-year highs today.
Data storage and infrastructure leader Hewlett Packard Enterprise (HPE) just hit a new high. It’s now up 30% over the last month.
The bear market in U.S. housing-related stocks continues: Pool supply giant Pool Corp (POOL) reached a new one-year low today. Home appliance giant Whirlpool (WHR) reached a new one-year low. Landscaping supply giant SiteOne (SITE) reached a new one-year low. Mortgage giant Rocket Companies (RKT) reached a one-year low.
₿ One of the world’s best investors bets on Brazil. Why it’s poised to head higher
📈 The biggest AI news you’re not hearing in the mainstream media… is very bullish
⚡ Four stocks that stand to benefit from AI’s soaring power consumption problems
Regards,
Brian Hunt
Editor, Money & Megatrends
An urgent message from our colleagues:
60-year Wall Street legend Marc Chaikin has discovered a fatal flaw built into Elon’s AI model and every AI frontier model on earth… and says the race to fix it could send one obscure stock soaring. Right now, behind a high-security fence in rural Tennessee, the U.S. government is quickly working to solve it by building a new form of AI – what Marc calls “Sovereign AI.” He believes it could trigger a $248 trillion boom, 56x bigger than today’s AI market.
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