Eaton

$Alphabet(GOOGL.US) AI Supply Chain ETF:

Since they're raising $80B to finance AI infrastructure expansion.

Total 2026 AI Capex: ~$185B [2x 2025]

Custom silicon / memory:

- $Broadcom(AVGO.US): TPU

- $Taiwan Semiconductor(TSM.US): TPU foundry + advanced packaging

- $Marvell Tech(MRVL.US): apparently in talks for inference TPU + MPU.

- Samsung: HBM

- SK Hynix: HBM3E

- $Micron Tech(MU.US): third source HBM

- $Sandisk(SNDK.US): NAND

Networking & optical:

- $Lumentum(LITE.US): R64 optical circuit switch, co-developed w/ Google + in production

- $Coherent Corp.(COHR.US): 400G/800G/1.6T transceiver

- $Credo Tech(CRDO.US): AECs linking TPU clusters

- $Fabrinet(FN.US): contract manufacturer for transceivers

Google cloud compute:

- $NVIDIA(NVDA.US): GPUs

- $AMD(AMD.US): GPUs, smaller exposure

Server ODM & power:

- $Celestica(CLS.US): primary TPU board + rack-level integrator

- $Vertiv(VRT.US): CDUs, liquid cooling + rack power architecture

- $Eaton(ETN.US): Switchgear, busways, UPS, electrification

- $Bloom Energy(BE.US): fuel cells

- $Corning(GLW.US): subsea fiber

Real estate / colocation:

- $Terawulf(WULF.US): hosts Google-backstopped AI capacity + Google holds warrants

- $Hut 8 Mining(HUT.US): 245 MW lease w/ Google financial backstop

- $Cipher Digital(CIFR.US): Fluidstack/Google HPC hosting

Just for a top level overview of potential direct beneficiaries.

There are ofc plenty of other names located in Taiwan/Korea like Wiwynn (6669) for server ODM flows.

But given the ~$460B cloud backlog, a large chunk of the raise will probably go to more memory since it's ~60% of capex.

Also TPUs since Google's thesis is replacing Nvidia with TPUs e.g. Broadcom.

All of the largest Trump trades from Q1 and their returns visualized

🧠

Well isn't this convenient...

Sen. John Hickenlooper bought ~$100k of Eaton Corp $Eaton(ETN.US) on Jan 14th

Eaton is an electrical equipment manufacturer

Sen. Hickenlooper sits on the Senate Committee on Energy

A few days ago Eaton secured up to $8B in funding for expansion from multiple credit facilities

Today the stock reached ATH

Our beloved Senator is now up 20% in less than a month