The article highlights five companies across different layers of AI infrastructure: Marvell (MRVL), AMD, Forgent Power Solutions (FPS), Oracle (ORCL) and Brookfield (BN). Marvell's data center revenue rose 46% and made up 79% of sales, with the stock trading at about 30 times forward earnings, while AMD's revenue grew 50% and its stock trades at about 42 times forward earnings. Forgent's $3 billion backlog covers more than 90% of expected next-year revenue, and Oracle's remaining performance obligations total $664 billion with its stock at about 14 times forward earnings. Brookfield is planning a $100 billion AI data center campus in Kentucky with NextEra Energy. The author says he spreads his AI investments across these different parts of the build-out to reduce the risk that hyperscaler AI spending slows.
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