<p>目前市场上最大的增长故事并不是发生在芯片制造商身上，而是在它们之下的一层。</p>
<p>TradeSmith 的首席执行官 Keith Kaplan 最近几个月一直在绘制他所称的 AI 建设的 “瓶颈”——即万亿美元需求与无法快速供应的世界之间的物理瓶颈。他的论点是：这一轮 AI 周期中最大的财富不会流向那些显而易见的参与者，而是流向那些这些参与者无法运作的公司。</p>
<p>获取 <strong>Micron Technology</strong> 的提醒：</p>
<h2>7000 亿美元的问题</h2>
<p>到 2025 年底，美国四大超大规模云服务商——微软 NASDAQ: MSFT、Alphabet NASDAQ: GOOGL、亚马逊 NASDAQ: AMZN 和 Meta Platforms NASDAQ: META——预计将在 AI 基础设施上花费超过 7000 亿美元。这个数字到 2027 年将接近 1 万亿美元，并且根据 NVIDIA NASDAQ: NVDA 在最近一次财报电话会议上分享的预测，未来三到五年内的总经济影响可能达到 3 到 4 万亿美元。</p>
<p>这笔钱并不是投入软件，而是投入到足球场大小的建筑、千兆瓦级的电力系统和尚不存在的输电线路中。可以把它看作是需求通过一根非常狭窄的管道被挤压：无论上游有多少水，流量都取决于瓶颈的允许程度。</p>
<p>Kaplan 确定了五个这样的瓶颈，并为每个瓶颈推荐了一只股票。</p>
<h2>存储器：芯片中的芯片</h2>
<p>高带宽内存（HBM）是使 GPU 实际运作的关键。</p>
<p>没有它，AI 芯片无法工作。Micron Technology NASDAQ: MU 是美国唯一的 HBM 生产商，其 2025 年的产量在年初之前就已经完全售罄。2026 年的产能也已经大部分承诺。</p>
<p>随着 NVIDIA 将其 Rubin 芯片从 HBM3E 转向 HBM4，Micron 在供应链中的地位只会进一步加强。年收入预计将达到 580 亿美元，净收入已经达到 240 亿美元。Kaplan 认为这是一个三到五年的持有机会，下一次财报将在 6 月 24 日发布，作为需求走向的早期信号。</p>
<h2>光子学：芯片之间的光速</h2>
<p>当数据离开一个芯片时，它必须与成千上万的其他芯片进行通信，而铜线无法跟上。解决方案是硅光子学：光通过光纤以铜线无法匹敌的速度传输。</p>
<p>Coherent Corp. NYSE: COHR 是光学收发器的领先供应商，这些收发器使这一切成为可能，将电信号转换为光脉冲并在 AI 集群中的每个连接处反向转换。今年早些时候，NVIDIA 在 Coherent 中投资了 20 亿美元，Kaplan 认为这表明该公司在下一阶段 AI 建设中的核心地位。</p>
<h2>热管理：防止过热</h2>
<p>高端 AI 芯片现在每个的功耗高达 1200 瓦特。</p>
<p>如果在一个机架中放置 72 个这样的芯片，其热输出相当于一个小公寓，而空间仅有冰箱大小。空气冷却无法应对。直接到芯片的液体冷却可以以相同流量的效率传输热量，是空气的 3500 倍。</p>
<p>Vertiv Holdings NYSE: VRT 已经为大多数大型超大规模建设提供其冷却分配单元。市值超过 1000 亿美元，年收入超过 100 亿美元，这不是一个投机性的名字——而在阵亡将士纪念日前一周超过 10% 的回调，Kaplan 认为这是在 7 月 29 日财报发布前的一个吸引入场点。</p>
<h2>发电：核能重新上线</h2>
<p>一个 AI 数据中心现在消耗的电力相当于一个中型城市。Meta 的 Hyperion 设施目前的运行功率为 2 吉瓦，预计将扩展到 5 吉瓦。满足这种基础负荷需求，全天候 24 小时意味着需要天然气和核能。这两者都在蓬勃发展。</p>
<p>Constellation Energy NASDAQ: CEG 是美国最大的核能运营商，拥有 21 个反应堆，并于 2024 年 9 月与微软签署了一项为期 20 年的协议，以使三里岛重新上线。Constellation 正在投资 16 亿美元来恢复该工厂并提供 835 兆瓦的专用容量。</p>
<p>购买核能的买家变化说明了问题：十年前，最大的买家是公用事业公司。今天，他们是软件公司。亚马逊与 Talen Energy NASDAQ: TLN 签署的为期 17 年、价值 180 亿美元的电力采购协议，突显了大型科技公司在锁定基础负荷供应方面的积极行动。</p>
<p>该股票在过去三个月内持平，Kaplan 认为这是在早期 8 月财报发布前的整合，而不是论点破裂的迹象。</p>
<h2>电网：最后一公里需要最长时间</h2>
<p>即使发电厂建成，将电力输送到数据中心也可能需要数年时间。变压器的交货时间已经从 12 个月延长到两年半。重型燃气轮机的交货时间长达七年。在一些北弗吉尼亚的公用事业区域，2024 年后提交的项目的电网连接至少要到 2028 年才能可用。</p>
<p>Eaton Corporation NYSE: ETN 已经解决了这个问题超过 100 年。变压器、开关设备、电力分配——连接每个数据中心与实际电网的基础设施。</p>
<p>数据中心现在是 Eaton 增长最快的终端市场，该公司拥有多年的订单积压，市值为 1480 亿美元，年收入接近 300 亿美元。过去三个月，该股票基本持平，Kaplan 认为这是在悄然积累。下一次财报：8 月 4 日。</p>
<h2>仍处于早期阶段的五年超级趋势</h2>
<p>存储支出在超大规模预算中的占比在短短两年内从 8% 转变为 30%。到 2030 年，美国数据中心可能占全国电力消费的 17%，而今天仅为 4%。这些不是低声耳语的预测——这些数字已经在重塑整个经济的资本配置。</p>
<p>大多数投资者问的问题是他们是否错过了机会。Kaplan 的看法是：远未如此。股票可能上涨，但基础设施尚未建立。这个差距正是机会所在。</p>
<h2>你现在应该投资 1000 美元在美光科技吗？</h2>
<p>在考虑美光科技之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只顶级分析师悄悄建议客户现在购买的股票，以便在更广泛的市场注意到之前……而美光科技并不在名单上。</p>
<p>虽然美光科技目前在分析师中获得了买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

<p>TradeSmith 的 Keith Kaplan 指出五只有望受益于人工智能基础设施繁荣的股票，重点关注内存、光子学、冷却、电力和电网领域。主要参与者包括美光科技（Micron Technology）在高带宽内存方面，Coherent Corp.在光子学领域，Vertiv Holdings 在热管理方面，Constellation Energy 在发电方面，以及对电网改进的关注。这些公司有望利用到 2025 年主要科技公司预计在人工智能基础设施上投资 7000 亿美元的机会</p>

<p>The biggest growth stories in the market right now aren't happening with the chip makers. They're happening one layer beneath them.</p>
<div class="lb-trans"><p>目前市场上最大的增长故事并不是发生在芯片制造商身上，而是在它们之下的一层。</p>
</div><p>Keith Kaplan, CEO of TradeSmith, has spent recent months mapping what he calls the &#34;choke points&#34; of the AI build-out—the physical bottlenecks where trillion-dollar demand is running into a world that can't supply fast enough. His argument: the largest fortunes of this AI cycle won't go to the visible players. They'll go to the companies that those players can't function without.</p>
<div class="lb-trans"><p>TradeSmith 的首席执行官 Keith Kaplan 最近几个月一直在绘制他所称的 AI 建设的 “瓶颈”——即万亿美元需求与无法快速供应的世界之间的物理瓶颈。他的论点是：这一轮 AI 周期中最大的财富不会流向那些显而易见的参与者，而是流向那些这些参与者无法运作的公司。</p>
</div><p>Get <strong>Micron Technology</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>Micron Technology</strong> 的提醒：</p>
</div><h2>The $700 Billion Problem</h2>
<div class="lb-trans"><h2>7000 亿美元的问题</h2>
</div><p>By the end of 2025, the four largest U.S. hyperscalers—Microsoft NASDAQ: MSFT, Alphabet NASDAQ: GOOGL, Amazon NASDAQ: AMZN, and Meta Platforms NASDAQ: META—are expected to spend more than $700 billion on AI infrastructure. That number climbs toward $1 trillion by 2027 and, according to projections shared by NVIDIA NASDAQ: NVDA during its most recent earnings call, could reach $3 to $4 trillion in total economic impact within three to five years.</p>
<div class="lb-trans"><p>到 2025 年底，美国四大超大规模云服务商——微软 NASDAQ: MSFT、Alphabet NASDAQ: GOOGL、亚马逊 NASDAQ: AMZN 和 Meta Platforms NASDAQ: META——预计将在 AI 基础设施上花费超过 7000 亿美元。这个数字到 2027 年将接近 1 万亿美元，并且根据 NVIDIA NASDAQ: NVDA 在最近一次财报电话会议上分享的预测，未来三到五年内的总经济影响可能达到 3 到 4 万亿美元。</p>
</div><p>That money isn't going into software. It's going into football-field-sized buildings, gigawatt-scale power systems, and transmission lines that don't exist yet. Think of it as demand being squeezed through a very narrow pipe: no matter how much water is upstream, the flow is whatever the choke point allows.</p>
<div class="lb-trans"><p>这笔钱并不是投入软件，而是投入到足球场大小的建筑、千兆瓦级的电力系统和尚不存在的输电线路中。可以把它看作是需求通过一根非常狭窄的管道被挤压：无论上游有多少水，流量都取决于瓶颈的允许程度。</p>
</div><p>Kaplan identifies five of those choke points, and a stock for each.</p>
<div class="lb-trans"><p>Kaplan 确定了五个这样的瓶颈，并为每个瓶颈推荐了一只股票。</p>
</div><h2>Memory: The Chip Inside the Chip</h2>
<div class="lb-trans"><h2>存储器：芯片中的芯片</h2>
</div><p>High-bandwidth memory (HBM) is what allows a GPU to actually function.</p>
<div class="lb-trans"><p>高带宽内存（HBM）是使 GPU 实际运作的关键。</p>
</div><p>Without it, AI chips don't work. Micron Technology NASDAQ: MU is the only American producer of HBM, and its output for 2025 was completely sold out before the year began. Capacity for 2026 is already largely committed.</p>
<div class="lb-trans"><p>没有它，AI 芯片无法工作。Micron Technology NASDAQ: MU 是美国唯一的 HBM 生产商，其 2025 年的产量在年初之前就已经完全售罄。2026 年的产能也已经大部分承诺。</p>
</div><p>As NVIDIA transitions its Rubin chips from HBM3E to HBM4, Micron's position in the supply chain only strengthens. Annual revenue is tracking toward $58 billion, and net income is already at $24 billion. Kaplan sees this as a three-to-five-year hold, with the next earnings report on June 24 as an early signal of where demand is heading.</p>
<div class="lb-trans"><p>随着 NVIDIA 将其 Rubin 芯片从 HBM3E 转向 HBM4，Micron 在供应链中的地位只会进一步加强。年收入预计将达到 580 亿美元，净收入已经达到 240 亿美元。Kaplan 认为这是一个三到五年的持有机会，下一次财报将在 6 月 24 日发布，作为需求走向的早期信号。</p>
</div><h2>Photonics: The Speed of Light Between Chips</h2>
<div class="lb-trans"><h2>光子学：芯片之间的光速</h2>
</div><p>When data leaves one chip, it has to communicate with thousands of others, and copper wire can't keep up. The solution is silicon photonics: light passed through fiber at speeds copper simply can't match.</p>
<div class="lb-trans"><p>当数据离开一个芯片时，它必须与成千上万的其他芯片进行通信，而铜线无法跟上。解决方案是硅光子学：光通过光纤以铜线无法匹敌的速度传输。</p>
</div><p>Coherent Corp. NYSE: COHR is the leading supplier of the optical transceivers that make this happen, converting electrical signals into pulses of light and back again at every connection in an AI cluster. NVIDIA took a $2 billion stake in Coherent earlier this year—a signal, Kaplan argues, of just how central the company is to the next phase of AI build-out.</p>
<div class="lb-trans"><p>Coherent Corp. NYSE: COHR 是光学收发器的领先供应商，这些收发器使这一切成为可能，将电信号转换为光脉冲并在 AI 集群中的每个连接处反向转换。今年早些时候，NVIDIA 在 Coherent 中投资了 20 亿美元，Kaplan 认为这表明该公司在下一阶段 AI 建设中的核心地位。</p>
</div><h2>Thermal Management: Keeping It From Melting</h2>
<div class="lb-trans"><h2>热管理：防止过热</h2>
</div><p>Top-end AI chips now draw up to 1,200 watts each.</p>
<div class="lb-trans"><p>高端 AI 芯片现在每个的功耗高达 1200 瓦特。</p>
</div><p>Put 72 of them in a rack, and you've got the heat output of a small apartment in a space about the size of a refrigerator. Air cooling can't handle it. Direct-to-chip liquid cooling can carry heat 3,500 times more efficiently than air at the same flow rate.</p>
<div class="lb-trans"><p>如果在一个机架中放置 72 个这样的芯片，其热输出相当于一个小公寓，而空间仅有冰箱大小。空气冷却无法应对。直接到芯片的液体冷却可以以相同流量的效率传输热量，是空气的 3500 倍。</p>
</div><p>Vertiv Holdings NYSE: VRT already supplies most of the large hyperscaler build-outs with its cooling distribution units. With a market cap above $100 billion and annual revenue over $10 billion, it's not a speculative name—and a recent pullback of more than 10% over the week before Memorial Day is what Kaplan would view as an attractive entry point ahead of its July 29 earnings.</p>
<div class="lb-trans"><p>Vertiv Holdings NYSE: VRT 已经为大多数大型超大规模建设提供其冷却分配单元。市值超过 1000 亿美元，年收入超过 100 亿美元，这不是一个投机性的名字——而在阵亡将士纪念日前一周超过 10% 的回调，Kaplan 认为这是在 7 月 29 日财报发布前的一个吸引入场点。</p>
</div><h2>Power Generation: Nuclear Is Back Online</h2>
<div class="lb-trans"><h2>发电：核能重新上线</h2>
</div><p>A single AI data center now consumes the power of a mid-sized city. Meta's Hyperion facility is currently operating at 2 gigawatts and is expected to scale to 5. Meeting that kind of baseload demand 24 hours a day, seven days a week means natural gas and nuclear. Both are booming.</p>
<div class="lb-trans"><p>一个 AI 数据中心现在消耗的电力相当于一个中型城市。Meta 的 Hyperion 设施目前的运行功率为 2 吉瓦，预计将扩展到 5 吉瓦。满足这种基础负荷需求，全天候 24 小时意味着需要天然气和核能。这两者都在蓬勃发展。</p>
</div><p>Constellation Energy NASDAQ: CEG is the largest nuclear operator in the U.S., with 21 reactors and a 20-year deal signed with Microsoft in September 2024 to bring Three Mile Island back online. Constellation is investing $1.6 billion to revive the plant and deliver 835 megawatts of dedicated capacity.</p>
<div class="lb-trans"><p>Constellation Energy NASDAQ: CEG 是美国最大的核能运营商，拥有 21 个反应堆，并于 2024 年 9 月与微软签署了一项为期 20 年的协议，以使三里岛重新上线。Constellation 正在投资 16 亿美元来恢复该工厂并提供 835 兆瓦的专用容量。</p>
</div><p>The shift in who's buying nuclear power tells the story: a decade ago, the biggest buyers were utilities. Today, they're software companies. Amazon's 17-year, $18 billion power purchase agreement with Talen Energy NASDAQ: TLN underscores just how aggressively Big Tech is moving to lock up baseload supply.</p>
<div class="lb-trans"><p>购买核能的买家变化说明了问题：十年前，最大的买家是公用事业公司。今天，他们是软件公司。亚马逊与 Talen Energy NASDAQ: TLN 签署的为期 17 年、价值 180 亿美元的电力采购协议，突显了大型科技公司在锁定基础负荷供应方面的积极行动。</p>
</div><p>The stock is flat over the past three months, a consolidation Kaplan views as a setup ahead of early August earnings, not a sign the thesis has broken.</p>
<div class="lb-trans"><p>该股票在过去三个月内持平，Kaplan 认为这是在早期 8 月财报发布前的整合，而不是论点破裂的迹象。</p>
</div><h2>The Grid: The Last Mile That Takes the Longest</h2>
<div class="lb-trans"><h2>电网：最后一公里需要最长时间</h2>
</div><p>Even after the power plant is built, getting electricity to the data center can take years. Transformer lead times have stretched from 12 months to two and a half years. Heavy gas turbines are running up to seven years out. In some northern Virginia utility territories, grid hookups for projects filed after 2024 won't be available until at least 2028.</p>
<div class="lb-trans"><p>即使发电厂建成，将电力输送到数据中心也可能需要数年时间。变压器的交货时间已经从 12 个月延长到两年半。重型燃气轮机的交货时间长达七年。在一些北弗吉尼亚的公用事业区域，2024 年后提交的项目的电网连接至少要到 2028 年才能可用。</p>
</div><p>Eaton Corporation NYSE: ETN has been solving exactly this problem for more than 100 years. Transformers, switchgear, power distribution—the infrastructure that connects every data center to the actual grid.</p>
<div class="lb-trans"><p>Eaton Corporation NYSE: ETN 已经解决了这个问题超过 100 年。变压器、开关设备、电力分配——连接每个数据中心与实际电网的基础设施。</p>
</div><p>Data centers are now Eaton's fastest-growing end market, and the company is sitting on multi-year backlogs with a $148 billion market cap and nearly $30 billion in annual revenue. The stock has been largely flat for the past three months, which Kaplan reads as quiet accumulation. Next earnings: August 4.</p>
<div class="lb-trans"><p>数据中心现在是 Eaton 增长最快的终端市场，该公司拥有多年的订单积压，市值为 1480 亿美元，年收入接近 300 亿美元。过去三个月，该股票基本持平，Kaplan 认为这是在悄然积累。下一次财报：8 月 4 日。</p>
</div><h2>A 5-Year Mega Trend Still in Its Early Innings</h2>
<div class="lb-trans"><h2>仍处于早期阶段的五年超级趋势</h2>
</div><p>Memory spend as a share of hyperscaler budgets has shifted from 8% to 30% in just two years. U.S. data centers could account for 17% of all national electricity consumption by 2030, up from 4% today. These aren't projections being whispered—they're numbers already reshaping capital allocation across the economy.</p>
<div class="lb-trans"><p>存储支出在超大规模预算中的占比在短短两年内从 8% 转变为 30%。到 2030 年，美国数据中心可能占全国电力消费的 17%，而今天仅为 4%。这些不是低声耳语的预测——这些数字已经在重塑整个经济的资本配置。</p>
</div><p>The question most investors are asking is whether they've missed it. Kaplan's view: not even close. The stocks may be up, but the infrastructure hasn't been built yet. That gap is exactly where the opportunity lives.</p>
<div class="lb-trans"><p>大多数投资者问的问题是他们是否错过了机会。Kaplan 的看法是：远未如此。股票可能上涨，但基础设施尚未建立。这个差距正是机会所在。</p>
</div><h2>Should You Invest $1,000 in Micron Technology Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在美光科技吗？</h2>
</div><p>Before you consider Micron Technology, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑美光科技之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Micron Technology wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只顶级分析师悄悄建议客户现在购买的股票，以便在更广泛的市场注意到之前……而美光科技并不在名单上。</p>
</div><p>While Micron Technology currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然美光科技目前在分析师中获得了买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

5 Stocks Winning the AI Race While Everyone Watches NVIDIA

Market Beat

英伟达

美光科技

微软

谷歌-A

亚马逊

Coherent Corp.

Vertiv

Constellation Energy

Talen Energy

NVIDIA Corporation

谷歌-C

在所有人都关注 NVIDIA 的同时，有 5 只股票在人工智能竞赛中取得胜利