Mandeep Singh

Snowflake is well-positioned because agentic AI requires connecting enterprise databases to LLMs, and Snowflake has launched its own coding agent, making it a key beneficiary.

Legacy company Dell is guiding to ~48% top line growth due to new AI server line, driving a reset in expectations and stock surge.

Alphabet's TPU and vertical integration differentiate it from other hyperscalers. As long as they can defend the search business, the company is expected to deliver a clear earnings beat and raise guidance.

Intel is buying back the rest of its Irish data center JV with Apollo for $14B, a deal that makes strategic sense amid a data center construction boom and a push for onshore manufacturing. The move allows Intel to double down on controlling manufacturing capacity and supply chain diversification, key themes in the current geopolitical and tech landscape. The strategic rationale for consolidating this asset is clear and aligns with favorable macro trends, supporting a positive view. The capital outlay could strain Intel's finances if the broader semiconductor cycle turns down.

Meta is not only deploying Nvidia GPUs but is also "talking about using NVIDIA CPUs," moving away from the traditional x86 architecture. Historically, an AI server rack consisted of Nvidia GPUs paired with Intel or AMD CPUs. By switching to Nvidia's own CPUs (Grace), Nvidia captures 100% of the silicon value in the rack. This increases revenue per unit and deepens the competitive moat by creating a tightly integrated, proprietary ecosystem. Long NVDA as they successfully expand from being a GPU accelerator company to a full-stack data center provider. Regulatory intervention regarding market dominance or supply chain bottlenecks at TSMC.

The AI server demand environment is extremely strong, driven by the inferencing phase of AI, with demand far exceeding supply. HPE's backlog is materializing faster than modeled, similar to Dell, and the growth momentum will continue for a while as supply constraints persist. This makes HPE a key beneficiary of the AI infrastructure buildout.

Strong earnings results from software companies like Datadog, Snowflake, and MongoDB disprove the narrative that software growth is broadly slowing. The positive earnings season for these names suggests that the sell-off in software stocks was premature, and the sector retains growth momentum.

Strong earnings results from software companies like Datadog, Snowflake, and MongoDB disprove the narrative that software growth is broadly slowing. The positive earnings season for these names suggests that the sell-off in software stocks was premature, and the sector retains growth momentum.

Legacy tech hardware companies like Dell, Intel, Nokia, and BlackBerry are experiencing a growth reset as enterprises upgrade AI infrastructure. Dell is guiding to 48% topline growth from AI servers. These companies, previously growing at mid-to-high single digits, are now sustaining double-digit growth, driving a reset in expectations and stock rallies.

Legacy tech hardware companies like Dell, Intel, Nokia, and BlackBerry are experiencing a growth reset as enterprises upgrade AI infrastructure. Dell is guiding to 48% topline growth from AI servers. These companies, previously growing at mid-to-high single digits, are now sustaining double-digit growth, driving a reset in expectations and stock rallies.

The shift to agentic AI is driving huge demand for memory, with Micron's gross margins surging from negative to 81% in a few quarters. Supply remains extremely tight, and despite capacity additions, the shortage will persist beyond 2026. The cycle length and room to grow will exceed expectations, supporting continued price and margin expansion.

Anthropic's momentum and demand for its models drives usage of Google and Broadcom chips, giving Broadcom a nice tailwind.

Meta is aggressively "locking in that NVIDIA supply" to ensure their frontier models are trained on the latest clusters. In the AI arms race, compute capacity is the primary bottleneck. By securing millions of processors, Meta ensures it remains competitive with OpenAI and Google. The "circularity" of the deal suggests a strategic partnership that prioritizes Meta's access to hardware. Long META as they secure the necessary infrastructure to maintain a leading position in AI model development. Massive CapEx spend could weigh on free cash flow if AI monetization lags.