AI cycle - Semi supply chain remain bullish

Two pieces of news from semiconductor companies in recent days to suggest the AI cycle remains strong into 2027.

Pic 1... Marvell (mostly a networking IC maker) had its analyst day. It expects its sales to grow from $8bn in FY2026 to as $70-90bn in FY 2031. Another idea is the AI bottleneck is shifting from memory to optical networking.

Pic 2.. AMD CEO visited Taiwan to secure further supply chain support as well. Apparently, it is seeing greater than expected demand in AI as well.

Feels like (as of early Oct 26) AI capX binge rolls on in 2027 if the semiconductor companies are to be believed.

Yet, despite all that, the market is not that enthusiastic re. the neoclouds/BTC to DC plays like IREN or Bitdeer.... Guess it makes sense because they do need to borrow a lot of money to build out their data centers and GPUs. A high rates environment is tough for these businesses.

Also some interesting news on the data center side..... Google Finland $15bn project may be delayed for clearing trees (over 300ha) without permits. Oracle may suffer delay in its other AI DC project in Wisconsin...... Having power ready to go remains a plus, not a negative.

Some key events to look for is Anthropic IPO + OpenAI capital raising + Volta debt ($5bn) closing..