The key to understanding the current panorama of US technology stocks is understanding the underlying business models driving the unbundling and rebundling of the technology stack. From the physical layer of semiconductor equipment and optical communications to the application layer of cloud computing and AI software, this ecosystem is undergoing a structural realignment. Historically, hardware infrastructure faces commoditization while software platforms scale with zero marginal cost. This, though, is exactly backwards in 2026: the non-linear demand for AI compute has granted rare pricing power to hardware suppliers situated at critical physical bottlenecks, while parts of the software layer face intense commoditization. Understanding this upstream shift in the value chain is essential.

<h3>Fabrinet (FN.US)</h3>
Fabrinet provides advanced optical packaging and precision manufacturing services. In Q3 FY2026, the company reported total revenue of USD 1.214B. Moreover, in June 2026, Fabrinet made a minority investment in Raytek Semiconductor, deepening its involvement in co-packaged optics (CPO). This means that its position has shifted from a replaceable contract manufacturer to a critical node defining the next-generation data transmission standards. Projections suggest its revenue could reach USD 8B by 2029. This is a classic case of profit pool migration: as the bottleneck in data centers shifts from computation to data transfer, suppliers with complex optical packaging capabilities control a strategic choke point in the value chain, which is reflected in its recent outperformance in the market.

<h3>Adeia Inc (ADEA.US)</h3>
As a media and semiconductor intellectual property (IP) licensing platform, Adeia demonstrates the high leverage inherent in an IP-only business model. In early May 2026, the company announced multi-year agreements with AMD and Microsoft, and expanded its licensing relationship with UMC to include advanced hybrid bonding portfolios. For Q1 2026, Adeia reported total revenue of USD 104.8M and an impressive adjusted EBITDA margin of 60%. This means that it avoids the heavy capital expenditures of manufacturing while aggregating the growth dividends of the entire industry. This model allows Adeia to show strong resilience amid semiconductor cycle fluctuations and maintain steady returns.

<h3>GSI Technology (GSIT.US)</h3>
GSI Technology is navigating a strategic pivot, shifting from traditional SRAM products to in-place associative AI processing. The company reported FY2026 total revenue of USD 25.1M, representing a 22% year-over-year increase. Notably, in May 2026, GSI secured a phase one contract for a Taiwan smart city project, advancing the commercial deployment of its Gemini-II. While traditional memory chips are a highly commoditized red ocean, GSI is attempting to build a differentiated moat by fusing computation and storage. Although the company recorded a net loss in FY2026, this effort to step outside conventional architectures and find a new aggregation point in edge AI is a vital experiment in technological evolution.

<h3>Tempus AI Inc (TEM.US)</h3>
In the vertical application layer of AI healthcare, Tempus AI exhibits the early traits of an aggregator. Leveraging artificial intelligence to advance precision medicine, Tempus launched the PRECISION challenge in May 2026 and introduced its next-generation Lens platform for oncology drug development in June. Healthcare data is notoriously fragmented, and Tempus's strategy relies on building a massive, multi-modal medical data platform that connects isolated genomic sequencing and clinical records with the R&amp;D needs of pharmaceutical companies. A platform empowers third parties; an aggregator intermediates them. By successfully aggregating and structuring this data, Tempus is well-positioned to capture significant value in AI-driven drug discovery, a sentiment echoed by its recent positive momentum on the Nasdaq.

<h3>SPX Technologies (SPXC.US)</h3>
The other side of AI infrastructure is the physical environment supporting it. SPX Technologies, a provider of highly engineered HVAC and detection products, reported Q1 2026 revenue of USD 566.8M, up 17.4% year-over-year, and subsequently raised its full-year guidance. While seemingly far removed from software and silicon, this is an indispensable part of the compute infrastructure. As the power density of data centers rises exponentially, cooling systems are no longer ancillary but core constraints determining whether clusters can run at full capacity. SPX launched its data center-specific fluid cooler in April 2026, directly benefiting from this spillover demand. This proves that at specific nodes of the value chain, traditional industrial manufacturing can still capture massive technological upside.

<h3>Other Key Nodes in the Ecosystem</h3>
<ul>
<li>LUMEN TECHNOLOGIES INC (LUMN.US) — A telecommunications firm providing internet and communication services to residential and business clients.</li>
<li>FIVE9 INC (FIVN.US) — A core provider of cloud contact center software, riding the wave of enterprise customer service digitalization.</li>
<li>NUTANIX INC (NTNX.US) — A cloud computing company delivering hyperconverged infrastructure solutions to simplify hybrid cloud management.</li>
<li>HONEYWELL AEROSPACE INC (HONAV.US) — A tier-one aerospace and defense supplier, whose board officially approved its spinoff in June 2026 to focus on commercial aviation.</li>
<li>VOYAGER TECHNOLOGIES INC. (VOYG.US) — A cryptocurrency brokerage firm operating within the digital asset ecosystem.</li>
<li>CPS Technologies (CPSH.US) — Produces advanced material solutions used across the transportation, energy, and defense technology hardware markets.</li>
<li>WESTERN DIGITAL CORP (WDCVV.US) — A core player in storage semiconductors, supplying both enterprise and consumer data storage solutions.</li>
<li>ATAIBECKLEY INC (ATAI.US) — A clinical-stage biopharmaceutical company that reported positive progress for its BPL-003 mental health trials in June 2026.</li>
<li>AUDDIA INC (AUUD.US) — Develops AI-driven software for audio streaming, exploring new paradigms in content distribution.</li>
<li>SMJ INTL HLDGS INC (SMJF.US) — An investment holding company engaged in interior architecture and related construction services through its subsidiaries.</li>
<li>SAFRAN SA UNSPON ADR EA REP 0.25 ORD (SAFRY.US) — A French multinational aerospace and defense manufacturer dominating the aircraft engine sector.</li>
<li>FISERV INC (FI.US) — A global provider of financial technology, supplying essential clearing and payment infrastructure to banking institutions.</li>
<li>FIGURE TECHNOLOGY SOLUTIONS INC (FIGR.US) — An innovative enterprise using blockchain technology to restructure financial services.</li>
<li>Kopin Corporation (KOPN.US) — A developer of microdisplays and wearable technologies applied in defense and consumer hardware.</li>
<li>Semtech Corporation (SMTC.US) — A supplier of analog and mixed-signal semiconductors supporting various advanced communication and industrial devices.</li>
<li>BIG TREE CLOUD HOLDINGS LIMITED (DSY.US) — A personal care products maker that announced its transfer to the Nasdaq in April 2026 alongside a new AI business line.</li>
<li>Singapore Telecommunications (ADR) (SGAPY.US) — A core telecom operator in Singapore and international markets offering diversified communication networks.</li>
<li>IDW MEDIA HOLDINGS (IDWM.US) — A diversified media enterprise with operations spanning comic book publishing, gaming, and entertainment.</li>
<li>SOLARIS ENERGY INFRASTRUCTURE INC (SEI.US) — Manufactures and provides mobile proppant systems and energy infrastructure services for the oil and gas sector.</li>
<li>MaxLinear (MXL.US) — Supplies highly integrated radio-frequency and mixed-signal chips for broadband and IoT applications.</li>
<li>TRILOGY METALS INC NEW (TMQ.US) — Focuses on base metal exploration in Alaska, serving as an upstream material source for tech hardware.</li>
<li>AELUMA INC (ALMU.US) — Specializes in developing innovative optoelectronic solutions for data communication and remote sensing applications.</li>
<li>SIGMA LITHIUM CORP (SGML.US) — A mineral developer advancing lithium projects in Brazil, forming a critical upstream link for EV and energy storage supply chains.</li>
<li>Celestica Inc (CLS.US) — Delivers advanced electronic manufacturing and supply chain solutions networks across North America and globally.</li>
<li>UNITY SOFTWARE INC (U.US) — A core real-time 3D development platform, powering gaming and industrial digital twin applications.</li>
<li>Kala Pharmaceuticals (KALA.US) — A biopharmaceutical company focused on discovering and commercializing innovative therapies for eye diseases.</li>
<li>FuboTV (FUBO.US) — A sports-focused streaming television service maintaining a differentiated position in the vertical subscription market.</li>
<li>NINE ENERGY SERVICE INC (NINE.US) — Provides underlying well completion and production services for exploration companies in North American onshore basins.</li>
<li>RECURSION PHARMACEUTICALS INC (RXRX.US) — Combines automated experimental biology with AI algorithms to fundamentally rebuild the drug discovery pipeline.</li>
</ul>

Through these examples, it becomes evident that whether acting as nodes in the compute network, distributors of intellectual property, or aggregators of data, value in the tech sector is rapidly shifting toward entities that can define standards, monopolize scarce resources, or create two-sided network effects. In the future competition, mere capacity accumulation will matter less; the ultimate indicator of long-term survival will be whether these companies can find a new ecological niche in the wave of technological unbundling.

This article does not constitute investment advice.

The biggest debate hanging over software stocks in 2026 keeps intensifying: will AI agents displace the per-seat SaaS model? Capital continues rotating from software into chips — Microsoft remains ~27% off its highs, while Salesforce and Workday are deep in the red YTD. But Wedbush's Dan Ives calls the 'doomsday narrative' overblown, arguing enterprises won't rip out decades of entrenched software overnight. Is software being eaten by AI, or has the selloff carved out a golden entry point? Are you backing software or chips?

The biggest debate hanging over software stocks in 2026 keeps intensifying: will AI agents displace the per-seat SaaS model? Capital continues rotating from software into chips — Microsoft remains ~27% off its highs, while Salesforce and Workday are deep in the red YTD. But Wedbush's Dan Ives calls the 'doomsday narrative' overblown, arguing enterprises won't rip out decades of entrenched software overnight. Is software being eaten by AI, or has the selloff carved out a golden entry point? Are you backing software or chips?

AI Eating SaaS? Software vs Chips

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FIVN

NTNX

As the demand for AI computation pushes the boundaries of physical infrastructure in 2026, the US tech sector is undergoing a profound unbundling. We analyze the strategic moat of semiconductor, cloud, and infrastructure players.

Rebundling the Tech Stack: How Hardware and AI Reshape the Value Chain