Workspace
AI Chain

THEME TEMPORAL CAUSAL GRAPH

Models · capex · GPU/ASIC · CoWoS · EUV · power · earnings

THEME
PricingStockFlow
AI Infrastructure ChainModel demand -> hyperscaler capex -> GPU/ASIC -> foundry/packaging -> equipment -> power -> earnings
Basket209.7
Since Base+109.7%
1Y+88.2%
YTD+14.9%
Nodes69
Latest level209.65
As ofApr 27, 2026
Components10 stocks
ReferenceAIQ · CHAT · SMH
MSFTMicrosoft+5.6%AMZNAmazon+50.8%GOOGLAlphabet+158.8%METAMeta Platforms+41.0%NVDANVIDIA+179.1%AMDAMD+89.5%AVGOBroadcom+231.7%TSMTSMC+226.8%ASMLASML+55.1%ORCLOracle+58.1%
模型需求 / 应用云厂商 Capex云与集群GPU / ASIC晶圆 / 封装半导体设备电力 / 数据中心财报验证政策 / 供应风险市场反应2017201820192020202120222023202420252026NVIDIA Volta V100 ...NVIDIA Volta V100 ships May 10, 2017 Volta establishes tensor cores as a dedicated AI acceleration primitive, turning model training into a GPU systems market.Transformer archit...Transformer architecture published Jun 12, 2017 Attention-based transformer models create the architecture that later scales into GPT, Gemini, Claude, Llama and enterprise AI workloads.Google TPU cloud a...Google TPU cloud access expands Feb 12, 2018 Google makes TPU capacity available through cloud services, showing hyperscalers can vertically integrate AI accelerators.TSMC 7nm AI silico...TSMC 7nm AI silicon ramp Apr 1, 2018 Leading-edge 7nm production supports the first wave of high-performance AI accelerators and cloud CPUs.GPT-2 release rais...GPT-2 release raises model scale debate Feb 14, 2019 OpenAI demonstrates that scaling language models produces broader capabilities and starts the safety and release-timing debate.Microsoft invests ...Microsoft invests in OpenAI Jul 22, 2019 Microsoft commits capital and Azure infrastructure to OpenAI, creating the early cloud distribution lane for frontier models.NVIDIA Ampere A100...NVIDIA Ampere A100 launches May 14, 2020 A100 becomes the workhorse accelerator for large model training, increasing demand for advanced process and HBM supply.Azure AI supercomp...Azure AI supercomputer for OpenAI May 19, 2020 Microsoft describes a top AI supercomputer built for OpenAI, linking cloud capex to frontier model training demand.GPT-3 API starts c...GPT-3 API starts commercial pull Jun 11, 2020 GPT-3 makes large language model capability commercially legible and increases demand for inference and fine-tuning capacity.AWS Trainium annou...AWS Trainium announced Dec 1, 2020 AWS announces a custom ML training chip, signaling that hyperscalers will use internal silicon to manage AI compute cost.NVIDIA Grace CPU r...NVIDIA Grace CPU revealed Apr 12, 2021 Grace extends NVIDIA from accelerators into AI systems architecture, increasing the strategic value of CPU-GPU-network integration.Google TPU v4 pod ...Google TPU v4 pod scale May 18, 2021 TPU v4 demonstrates large-scale internal accelerator deployments that make Google both AI user and AI infrastructure supplier.NVIDIA H100 announ...NVIDIA H100 announced Mar 22, 2022 Hopper H100 introduces transformer engine acceleration and becomes the core hardware unit for the generative AI boom.CHIPS Act signedCHIPS Act signed Aug 9, 2022 US industrial policy supports domestic semiconductor manufacturing, changing the risk premium around AI supply chains.AWS Trainium GAAWS Trainium GA Nov 29, 2022 AWS makes Trainium instances generally available, adding a second major custom accelerator path alongside GPUs.ChatGPT launchesChatGPT launches Nov 30, 2022 Consumer adoption of ChatGPT makes generative AI demand visible to investors and pushes every platform company into an AI response cycle.TSMC N3 volume pro...TSMC N3 volume production Dec 29, 2022 TSMC starts 3nm volume production, setting the next process platform for high-performance AI and mobile silicon.Microsoft OpenAI p...Microsoft OpenAI partnership expands Jan 23, 2023 Microsoft extends the OpenAI partnership, reinforcing Azure as the key cloud channel for frontier AI workloads.Google Bard respon...Google Bard response begins Feb 6, 2023 Google accelerates its generative AI response, shifting search and cloud competition into an AI race.NVIDIA AI demand s...NVIDIA AI demand shock earnings May 24, 2023 NVIDIA guides far above expectations as H100 demand turns generative AI into a public-market infrastructure cycle.AMD MI300X detaile...AMD MI300X detailed Jun 13, 2023 AMD positions MI300X as a large-memory alternative for AI inference and training, creating a second GPU supply narrative.Llama 2 open relea...Llama 2 open release Jul 18, 2023 Meta releases Llama 2 broadly, giving open models a distribution path that increases inference and fine-tuning demand.CoWoS bottleneck b...CoWoS bottleneck becomes visible Jul 20, 2023 Advanced packaging capacity emerges as a binding constraint for H100-class accelerators and HBM integration.Amazon invests in ...Amazon invests in Anthropic Sep 25, 2023 Amazon anchors Anthropic on AWS and Trainium, strengthening AWS participation in the frontier model race.OpenAI DevDay dema...OpenAI DevDay demand expands Nov 6, 2023 GPT-4 Turbo and assistant tooling push model usage from demos toward developer workflows and production inference.AWS Trainium2 anno...AWS Trainium2 announced Nov 28, 2023 AWS introduces Trainium2 to reduce training cost and increase performance for frontier and large enterprise models.Google Gemini 1.0 ...Google Gemini 1.0 launches Dec 6, 2023 Gemini puts Google back into the frontier model contest and raises the strategic value of TPU and Google Cloud capacity.ASML first High-NA...ASML first High-NA EUV shipment Dec 21, 2023 High-NA EUV moves from roadmap to customer deployment, supporting future leading-edge nodes for AI accelerators.NVIDIA Blackwell p...NVIDIA Blackwell platform Mar 18, 2024 Blackwell reframes the AI accelerator market around rack-scale systems, NVLink, networking and inference economics.Meta Llama 3 and M...Meta Llama 3 and Meta AI roll out Apr 18, 2024 Meta ships Llama 3 and pushes Meta AI across apps, converting social distribution into AI inference demand.Meta Q1 capex scar...Meta Q1 capex scare Apr 24, 2024 Meta raises AI infrastructure spending expectations, creating a public test of whether AI engagement can justify capex.Microsoft AI capex...Microsoft AI capex accelerates Apr 25, 2024 Microsoft reports heavy cloud and AI infrastructure investment as Azure AI demand increases.Alphabet AI capex ...Alphabet AI capex rises Apr 25, 2024 Alphabet steps up technical infrastructure spending for Gemini, Google Cloud and internal AI workloads.Amazon AI capex me...Amazon AI capex message Apr 30, 2024 Amazon frames elevated capex as demand-led AWS AI investment, connecting model adoption to data center buildout.Broadcom AI custom...Broadcom AI custom silicon momentum Jun 12, 2024 Broadcom highlights AI networking and custom accelerator demand, separating ASIC beneficiaries from general semis.TSMC AI demand lif...TSMC AI demand lifts Q2 view Jul 18, 2024 TSMC results reinforce that leading-edge nodes and advanced packaging are absorbing AI accelerator demand.Oracle AI cloud ba...Oracle AI cloud backlog builds Sep 9, 2024 Oracle cloud infrastructure demand grows as GPU cluster customers seek capacity outside the largest hyperscalers.AMD MI325X roadmap...AMD MI325X roadmap update Oct 10, 2024 AMD pushes a faster Instinct cadence to compete for inference and training allocations at hyperscalers.ASML booking reset...ASML booking reset shock Oct 15, 2024 ASML order expectations reset, reminding investors that AI strength can be offset by China and non-AI semi weakness.Blackwell supply c...Blackwell supply chain ramp Nov 20, 2024 The market shifts from Blackwell announcement to execution, focusing on racks, networking, thermals and CoWoS supply.Stargate AI infras...Stargate AI infrastructure announced Jan 21, 2025 OpenAI, Oracle, SoftBank and partners frame a multi-year US AI infrastructure buildout, extending the capex cycle narrative.Meta $65B AI capex...Meta $65B AI capex plan Jan 24, 2025 Meta outlines a 2025 AI infrastructure buildout that raises the ceiling for hyperscaler demand and the debate over returns.DeepSeek efficienc...DeepSeek efficiency shock Jan 27, 2025 DeepSeek triggers fears that model efficiency could reduce brute-force compute demand, testing the AI infrastructure thesis.Microsoft earnings...Microsoft earnings tests AI ROI Jan 29, 2025 Investors focus on whether Azure AI revenue conversion is keeping pace with the capital intensity of infrastructure buildout.Alphabet 2025 cape...Alphabet 2025 capex guide jumps Feb 4, 2025 Alphabet guides higher technical infrastructure spending, showing AI capex is broadening beyond Microsoft and Meta.Amazon 2025 capex ...Amazon 2025 capex guide surges Feb 6, 2025 Amazon signals a larger AI and AWS infrastructure build, reinforcing that capacity demand is still supply constrained.NVIDIA Blackwell r...NVIDIA Blackwell revenue validation Feb 26, 2025 NVIDIA earnings validate Blackwell demand and keep the supply chain focused on rack-scale shipments.TSMC US expansion ...TSMC US expansion accelerates Mar 3, 2025 TSMC expands US manufacturing commitment, adding geographic redundancy to advanced logic supply but raising execution complexity.Llama 4 releasedLlama 4 released Apr 5, 2025 Meta releases Llama 4, extending open-model competition and driving additional inference demand across apps and clouds.Meta AI standalone...Meta AI standalone app Apr 29, 2025 Meta launches a standalone AI app, making distribution and daily usage part of the infrastructure ROI story.AMD Advancing AI 2...AMD Advancing AI 2025 Jun 12, 2025 AMD details MI350 systems, EPYC and open rack-scale AI infrastructure, strengthening the non-NVIDIA supply option.Oakley Meta AI gla...Oakley Meta AI glasses expand Jun 20, 2025 Meta adds Oakley AI glasses, linking AI inference demand to wearable distribution and Reality Labs strategy.Meta Superintellig...Meta Superintelligence Labs formed Jun 30, 2025 Meta reorganizes around superintelligence, making AI talent, infrastructure and model cadence central to the investment case.TSMC CoWoS capacit...TSMC CoWoS capacity doubles again Jul 17, 2025 TSMC reiterates aggressive CoWoS expansion to meet AI accelerator demand and reduce the packaging bottleneck.Oracle AI cloud de...Oracle AI cloud demand re-rates Sep 10, 2025 Oracle shares the AI infrastructure story as investors underwrite OCI as a scarce GPU and large-cluster supplier.Meta display glass...Meta display glasses reveal Sep 17, 2025 Meta unveils display AI glasses and neural band, giving the market a consumer hardware path for AI inference workloads.Meta AI interactio...Meta AI interactions inform ads Oct 1, 2025 Meta says AI interactions will inform content and ad recommendations, tying AI usage directly to the ad engine.ASML Q3 AI vs Chin...ASML Q3 AI vs China split Oct 15, 2025 ASML points to High-NA/EUV progress while warning China demand will decline, separating AI logic strength from China equipment risk.AMD analyst day AI...AMD analyst day AI roadmap Nov 11, 2025 AMD sets a multi-year AI accelerator roadmap with MI450 and MI500, giving investors a longer alternative supply chain to model.Oracle FY26 Q2 RPO...Oracle FY26 Q2 RPO surge Dec 10, 2025 Oracle reports RPO above $500B with new AI cloud commitments, making OCI one of the clearest AI infrastructure order-book stories.Broadcom FY25 AI s...Broadcom FY25 AI semi validates ASICs Dec 11, 2025 Broadcom reports strong AI semiconductor growth and points to custom accelerators and Ethernet AI switches as continuing drivers.Meta AI data cente...Meta AI data center power deals Jan 15, 2026 Meta expands long-duration energy and nuclear-linked supply planning as AI data centers become power-constrained assets.TSMC Q4 2025 leadi...TSMC Q4 2025 leading-edge strength Jan 15, 2026 TSMC Q4 shows strong leading-edge demand and keeps AI accelerators central to foundry growth expectations.ASML FY25 record o...ASML FY25 record orders Jan 28, 2026 ASML reports record 2025 results and strong EUV outlook, tying customer capacity plans to sustained AI-related demand.Meta 2026 capex gu...Meta 2026 capex guide jumps Jan 28, 2026 Meta guides 2026 capex to a much higher range, making AI infrastructure ROI the central investor debate.Meta Arm AI CPU pa...Meta Arm AI CPU partnership Mar 24, 2026 Meta partners with Arm on data-center CPUs, widening the AI infrastructure stack beyond GPUs and custom accelerators.Muse Spark model r...Muse Spark model released Apr 8, 2026 Meta Superintelligence Labs releases Muse Spark, giving investors a near-term product output from the new AI organization.Broadcom MTIA part...Broadcom MTIA partnership Apr 14, 2026 Meta and Broadcom expand co-development of custom MTIA silicon, reinforcing the custom ASIC lane in AI infrastructure.AWS Graviton for M...AWS Graviton for Meta agentic AI Apr 24, 2026 Meta adds tens of millions of AWS Graviton cores, showing AI infrastructure is becoming a diversified CPU/GPU/ASIC portfolio.
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