History is always strikingly similar. Capital will subsequently flow into internet infrastructure, power, cabinets, and data centers. This is actually the same path as the hype during the 1999 internet bubble: 1. First hype upstream infrastructure. In 1999, it was portals → fiber optics → network equipment. Now it's GPU → HBM → optical modules → servers. 2. Then the core bottlenecks keep expanding outward. In 1999, insufficient bandwidth led to hype around fiber optics. Now, insufficient computing power leads to hype around GPUs, insufficient storage leads to hype around DRAM, and insufficient interconnectivity leads to hype around optical modules/CPO. 3. In the late stage, capital flows to peripheral assets. In 1999, it was server rooms, telecom operators, and infrastructure. Now it's data centers, power, cooling, and cabinets. These are all dividends from AI hardware infrastructure, but they ultimately need to be realized in applications.

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