Hyperscaler capex is the single biggest spend on Earth that nobody outside the industry talks about. R2A tracks 49 names across compute, networking, memory, power, and cooling — the picks and shovels of the AI buildout.
The AI capex cycle isn't a 12-month phenomenon — it's a multi-year buildout that compounds. Every dollar spent on training creates more demand for compute downstream at inference. NVIDIA gets the headlines, but the supply chain runs much deeper: custom silicon at Broadcom and Marvell, memory at Micron, networking at Arista and Ciena, power and cooling at Vertiv and Modine, and the data center real estate underneath all of it.
R2A's variant view: this cycle ends differently than past hardware cycles because the customers are the most cash-rich companies in history. Microsoft, Alphabet, Meta, and Amazon will spend roughly $320B on capex in 2026, almost entirely from operating cash flow — no debt cycle, no credit constraint. That insulates the buildout from the usual reversal mechanism. The pickaxe sellers benefit until the buyers stop, and the buyers aren't going to stop on financing grounds. The right side of this page (the holds) has already re-rated; the left side (the buys) is where R2A still sees multiple expansion.
Every name R2A tracks in AI Infrastructure. Click any column header to sort.
| Ticker | Company | Call | Conviction | Last | R2A FV | Moon |
|---|---|---|---|---|---|---|
| ALAB | Astera Labs AI Connectivity Silicon | Buy | ●●● High | $218.05 | $292.15 | $850 |
| APLD | Applied Digital Bitcoin-to-AI hosting | Buy | ●●● High | $33.55 | $48.00 | — |
| AVGO | Broadcom Custom Silicon / Networking | Buy | ●●● High | $430.12 | $470.00 | $680 |
| CLS | Celestica AI Server ODM | Buy | ●●● High | $420.24 | $432.00 | — |
| CRWV | CoreWeave AI Cloud Infrastructure | Buy | ●●● High | $128.28 | $183.10 | $500 |
| NBIS | Nebius Group AI cloud (NVIDIA-backed) | Buy | ●●● High | $154.49 | $170.00 | — |
| TAO | Bittensor DePIN AI Training | Buy | ●●● High | $286.66 | — | — |
| ANET | Arista Networks Data Center Networking | Buy | ●●● Medium | $172.76 | $176.00 | $290 |
| CORZ | Core Scientific AI compute hosting | Buy | ●●● Medium | $20.35 | $25.00 | — |
| INTC | Intel IDM / Foundry | Buy | ●●● Medium | $99.62 | $93.00 | $150 |
| IREN | IREN Limited Bitcoin-to-AI cloud | Buy | ●●● Medium | $45.66 | $61.00 | — |
| MRVL | Marvell Technology Custom Silicon / Networking | Buy | ●●● Medium | $164.95 | $172.00 | $320 |
| P | Everpure AI Storage | Buy | ●●● Medium | $74.30 | $99.00 | $225 |
| POWL | Powell Industries Medium-voltage switchgear | Buy | ●●● Medium | $275.33 | $290.00 | — |
| ASML | ASML Semiconductor Equipment | Hold | ●●● High | $1,427.02 | $1,565.00 | $2,200 |
| KLAC | KLA Corporation Semiconductor Equipment | Hold | ●●● High | $1,726.26 | $1,830.00 | $2,500 |
| NVDA | NVIDIA GPU / Accelerators | Hold | ●●● High | $198.45 | $234.00 | $420 |
| TSM | TSMC Semiconductor Fabrication | Hold | ●●● High | $397.83 | $403.00 | $650 |
| VRT | Vertiv Holdings Power & Cooling | Hold | ●●● High | $328.25 | $331.00 | $540 |
| AEHR | Aehr Test Systems Wafer-level test | Hold | ●●● Medium | $93.07 | $103.00 | — |
| AMAT | Applied Materials Semiconductor Equipment | Hold | ●●● Medium | $389.08 | $415.00 | $580 |
| AMD | AMD GPU / Accelerators | Hold | ●●● Medium | $360.54 | $288.00 | $600 |
| ARM | ARM Holdings Chip Architecture / IP | Hold | ●●● Medium | $211.18 | $208.00 | $380 |
| CDNS | Cadence Design EDA / Chip Design | Hold | ●●● Medium | $340.94 | $330.00 | $520 |
| CIEN | Ciena Optical Networking | Hold | ●●● Medium | $535.39 | $496.00 | $820 |
| COHR | Coherent Optical Components | Hold | ●●● Medium | $329.95 | $342.00 | $520 |
| CRDO | Credo Technology AI Connectivity / Optical | Hold | ●●● Medium | $184.38 | $177.00 | $320 |
| LITE | Lumentum AI Optical Components | Hold | ●●● Medium | $949.93 | $830.00 | $1,250 |
| LRCX | Lam Research Semiconductor Equipment | Hold | ●●● Medium | $256.72 | $285.00 | $420 |
| MOD | Modine Manufacturing Data Center Thermal | Hold | ●●● Medium | $266.81 | $252.00 | $420 |
| MPWR | Monolithic Power Systems Analog Power | Hold | ●●● Medium | $1,583.48 | $1,475.00 | $2,400 |
| MTSI | MACOM Technology RF / Optical Semi | Hold | ●●● Medium | $284.18 | $285.00 | $430 |
| MU | Micron Technology Memory / HBM | Hold | ●●● Medium | $542.21 | $458.00 | $720 |
| ON | ON Semiconductor Power Semis / SiC | Hold | ●●● Medium | $103.03 | $101.00 | $180 |
| RNDR | Render Network DePIN GPU Compute | Hold | ●●● Medium | $1.84 | — | — |
| SMTC | Semtech Analog / Optical | Hold | ●●● Medium | $107.81 | $109.00 | $200 |
| SNPS | Synopsys EDA / Chip Design | Hold | ●●● Medium | $489.02 | $478.00 | $750 |
| SMCI | Super Micro Computer AI Server / Rack | Hold | ●●● Low | $27.09 | $28.00 | $70 |
| WOLF | Wolfspeed SiC Wafers/Devices | Hold | ●●● Low | $38.88 | $33.00 | $90 |