AI & TECHNOLOGY

AI IS BIGGER
THAN NVIDIA.
FOLLOW THE STACK.

AI infrastructure stack connecting compute, memory, networking, cloud, power and capital

The next leg of AI investment is being built across compute, memory, networking, cooling, power and cloud capacity.

Ten companies show how the opportunity is spreading across the physical stack. Nine are major-exchange businesses. FCCN brings a smaller OTC technology story into the same conversation.

WHAT HAPPENED

The AI buildout now spans chips, memory, networks, data centres, power and cloud capacity.

WHY IT MATTERS

The investment case is widening from the accelerator itself to everything required to make more compute useful.

WHAT TO WATCH

Product ramps, HBM, hyperscaler spending, network adoption, backlog, power demand, cloud capex and execution.

THE AI RACE ISN'T ONE STOCK.
IT'S AN ENTIRE SUPPLY CHAIN.

COMPUTE + MEMORY

THE CHIP IS THE START.
THE BOTTLENECKS MOVE.

AI compute pipeline linking accelerators, memory, servers and networking

More accelerators raise the value of the memory and connectivity needed to keep them productive.

NVDA | NVIDIA

THE COMPUTE LEADER

$108B

Q3 REVENUE OUTLOOK

Watch the Rubin ramp, supply and hyperscaler spending.

AVGO | BROADCOM

CUSTOM AI + NETWORK

$16.7B

Q3 AI SEMICONDUCTOR REVENUE

Custom accelerators and networking put Broadcom deep inside hyperscale infrastructure.

AMD | ADVANCED MICRO DEVICES

THE CHALLENGER

$6.7B

Q2 DATA CENTER | +107% YOY

EPYC and Instinct are scaling as customers seek more choice in high-performance AI compute.

MU | MICRON

THE MEMORY

AI systems require large amounts of high-speed memory.

WATCH: HBM supply, pricing and margins.

MRVL | MARVELL

THE CONNECTIVITY

Marvell connects compute, storage and networking across data infrastructure.

$2.739B

Q2 FY27 REVENUE | +37% YOY

THE PHYSICAL LAYER

AI NEEDS A
PHYSICAL WORLD.

Physical AI infrastructure with data centre, cooling, power grid and cloud

Behind every AI prompt sit servers, cables, cooling systems, electricity, data centres and cloud capacity.

ANET | ARISTA

THE NETWORK

$3.036B

Q2 REVENUE | +37.7% YOY

Watch AI fabric adoption as clusters become denser.

VRT | VERTIV

THE DATA CENTRE

AI hardware creates heat and consumes power. Vertiv sits in the critical cooling and power layer.

WATCH: Orders, backlog, capacity expansion.

GEV | GE VERNOVA

THE POWER

$24.2B

Q2 ORDERS

Revenue: $11.1B

Watch grid and turbine demand.

ORCL | ORACLE

THE CLOUD

$7.4B

Q1 FY27 IAAS | +121% YOY

Watch OCI growth and capex as capacity expands.

THE INVESTOR CALL VIEW

The AI investment case is broadening from acceleration hardware into the systems required to feed, connect, cool and power that hardware.

The next question is where the bottlenecks emerge — and which companies can monetise them.

Visit TheInvestorCall.com →

THE OUTLIER

THEN THERE'S
OTC.

AI, quantum technology and data infrastructure connected to capital markets

OTCQB • FCCN

SPECTRAL CAPITAL

Spectral Capital brings together three themes investors are watching closely: AI, quantum technology and data infrastructure. It sits in a structurally different risk category from the major-exchange names above.

THE OTC CHECKLIST

REAL TECHNOLOGY?

REAL CUSTOMERS?

REAL REVENUE?

ENOUGH CAPITAL?

MANAGEMENT EXECUTING?

CLEAR CATALYST?

STORY IS CHEAP.
EXECUTION IS EXPENSIVE.

WHAT TO WATCH NEXT

DON'T JUST FOLLOW
THE BIGGEST STOCKS.
FOLLOW THE BIGGEST CHANGES.

01 • COMPUTE

Nvidia's Rubin ramp and supply, Broadcom's AI revenue and hyperscaler demand, and AMD's Instinct and EPYC scale.

02 • MEMORY + NETWORKS

Micron's HBM supply, pricing and margins; Marvell's data-centre growth; Arista's AI fabric adoption.

03 • PHYSICAL INFRASTRUCTURE

Vertiv's orders, backlog and capacity expansion, alongside GE Vernova's grid and turbine demand.

04 • CLOUD + OTC

Oracle's OCI growth and capex, plus FCCN's customer, revenue, capital and execution milestones.

THE NEXT PHASE OF AI MAY BE DEFINED LESS BY THE HEADLINE CHIP — AND MORE BY THE INFRASTRUCTURE THAT MAKES EVERY ADDITIONAL UNIT OF COMPUTE POSSIBLE.

Source: figures, descriptions and watchpoints from the supplied Investor Call source material. No additional company figures have been added.

Visit TheInvestorCall.com →

A strong first choice, especially outside the U.S.

IBKR supports SEC-registered OTC/Pink stocks. U.S. Penny Stocks trading permission may need to be enabled.

interactivebrokers.com

Supports OTC stocks through a Schwab brokerage account.

International account eligibility varies by country.

schwab.com/stocks/understand-stocks/otc-markets

Supports many OTC stocks.

Some securities classified as Expert Market, Grey Market or Caveat Emptor may be restricted.

fidelity.com/stock-trading/overview

BEFORE YOU PLACE AN ORDER

Search the ticker first. Then confirm OTC trading is enabled.

OTC stocks can have lower liquidity, wider spreads and additional trading restrictions. Availability is broker- and jurisdiction-dependent.

AI IS BIGGER THAN NVIDIA. FOLLOW THE INFRASTRUCTURE.

AI IS BIGGER
THAN NVIDIA.
FOLLOW THE STACK.

THE AI RACE ISN'T ONE STOCK.
IT'S AN ENTIRE SUPPLY CHAIN.

THE CHIP IS THE START.
THE BOTTLENECKS MOVE.

THE COMPUTE LEADER

CUSTOM AI + NETWORK

THE CHALLENGER

THE MEMORY

THE CONNECTIVITY

AI NEEDS A
PHYSICAL WORLD.

THE NETWORK

THE DATA CENTRE

THE POWER

THE CLOUD

The AI investment case is broadening from acceleration hardware into the systems required to feed, connect, cool and power that hardware.

THEN THERE'S
OTC.

SPECTRAL CAPITAL

THE OTC CHECKLIST

STORY IS CHEAP.
EXECUTION IS EXPENSIVE.

DON'T JUST FOLLOW
THE BIGGEST STOCKS.
FOLLOW THE BIGGEST CHANGES.

THE NEXT PHASE OF AI MAY BE DEFINED LESS BY THE HEADLINE CHIP — AND MORE BY THE INFRASTRUCTURE THAT MAKES EVERY ADDITIONAL UNIT OF COMPUTE POSSIBLE.

Keep Reading

AI IS BIGGER THAN NVIDIA. FOLLOW THE INFRASTRUCTURE.

AI IS BIGGERTHAN NVIDIA.FOLLOW THE STACK.

THE AI RACE ISN'T ONE STOCK.IT'S AN ENTIRE SUPPLY CHAIN.

THE CHIP IS THE START.THE BOTTLENECKS MOVE.

THE COMPUTE LEADER

CUSTOM AI + NETWORK

THE CHALLENGER

THE MEMORY

THE CONNECTIVITY

AI NEEDS APHYSICAL WORLD.

THE NETWORK

THE DATA CENTRE

THE POWER

THE CLOUD

The AI investment case is broadening from acceleration hardware into the systems required to feed, connect, cool and power that hardware.

THEN THERE'SOTC.

SPECTRAL CAPITAL

THE OTC CHECKLIST

STORY IS CHEAP.EXECUTION IS EXPENSIVE.

DON'T JUST FOLLOWTHE BIGGEST STOCKS.FOLLOW THE BIGGEST CHANGES.

THE NEXT PHASE OF AI MAY BE DEFINED LESS BY THE HEADLINE CHIP — AND MORE BY THE INFRASTRUCTURE THAT MAKES EVERY ADDITIONAL UNIT OF COMPUTE POSSIBLE.

Keep Reading

AI IS BIGGER
THAN NVIDIA.
FOLLOW THE STACK.

THE AI RACE ISN'T ONE STOCK.
IT'S AN ENTIRE SUPPLY CHAIN.

THE CHIP IS THE START.
THE BOTTLENECKS MOVE.

AI NEEDS A
PHYSICAL WORLD.

THEN THERE'S
OTC.

STORY IS CHEAP.
EXECUTION IS EXPENSIVE.

DON'T JUST FOLLOW
THE BIGGEST STOCKS.
FOLLOW THE BIGGEST CHANGES.