My post yesterday was about HBM/memory and the question of why the bottleneck in AI is no longer just the GPUs themselves. While many are still looking at compute, the pressure has long since shifted further into the infrastructure. Because HBM is not the only acute bottleneck.
In parallel, topics such as power & cooling, advanced packaging and energy/grid are also becoming more critical. Today it's all about Power & Cooling.
The background is actually simple: modern AI systems require more and more more and more energy in ever smaller spaces. As a result, power density, heat generation and power requirements are increasing massively. Data centers are therefore not only reaching the limits of chips or memory, but also increasingly in the operation of the systems themselves.
This is where the companies that I currently find exciting are based.
For me, these are $VICR (+1,54%) (Vicor) and $MPWR (-0,07%) (Monolithic Power Systems) are interesting examples on the powerside. With cooling and infrastructure, I mainly look at $VRT (+0,76%) (Vertiv), $MOD (+1,24%) (Modine Manufacturing) and $POWL (+0,16%) (Powell Industries).
The exciting thing is that the bottleneck is no longer just in the technology itself, but in the ability to supply these systems with stable energy and make them thermally controllable. to supply these systems with stable energy and make them thermally controllable.
And even this shift is unlikely to be the end. After that, other parts of the infrastructure will probably come under greater pressure. That's why I don't see bottlenecks as static, but as a dynamic movement along the technology stack.
