This is the first issue of "Principal Panda AI Infrastructure Monthly Report".

I don't want to just read out the articles I wrote in July again.

I'd rather leave behind three things: what changed this month; how my judgment has moved forward as a result; and what evidence will be used to test it next month.

Main thesis for this month: The problem has changed, but the protagonists remain the same.

In July, the key players in AI infrastructure did not change.

Storage, chips, networking, servers, data centers, and power are still the foundation of this round of investment.

But the questions the market is now asking go beyond just "who is most short and who has the fullest order book."

Instead, they are: Once stronger, more open models emerge, where exactly will enterprises spend their money? And which segment of the industry chain will that money flow back into?

Over the past month, my judgment has taken three steps...👇

$Micron Tech(MU.US)$NVIDIA(NVDA.US)$Amazon(AMZN.US)$Microsoft(MSFT.US)$Alphabet - C(GOOG.US)$Meta Platforms(META.US)