09/02/2026
The AI boom is no longer confined to U.S. mega-cap earnings. It is becoming a global industrial and trade cycle involving foundries, advanced packaging, memory, networking, servers, power equipment and Asian exporters. That broadens the potential opportunity set—but it also introduces semiconductor-cycle risk. For portfolio analysis, I would distinguish companies benefiting from genuine shipment growth and pricing power from stocks that merely carry an “AI” label.