AI Tech Giants: From Computing Power Monopoly to Ecosystem Expansion

Nvidia (NVDA) - The "Core Engine" of AI Infrastructure
Deepening Technological Moat: Blackwell-architecture GPUs continue to dominate the AI training market, and NVLink high-speed interconnect technology has become standard in data centers. New investments are underway in humanoid robot edge computing (e.g., Tesla Optimus). The Isaac development platform builds a closed "hardware-simulation-deployment" loop, tapping into the trillion-dollar robotics market.
Risk Points: Cloud computing giants (e.g., Amazon and Google) are accelerating in-house chip development, while the UALink Alliance (AMD and Intel) is attempting to break the technology monopoly; executive share reductions this year have raised valuation concerns.
Palantir (PLTR) - The "AI Hub" for Government and Enterprise
Market Strategies: The AIP platform embeds generative AI into the entire data analysis process, US defense contracts have exceeded expectations, and commercial revenue growth remains high. Following its inclusion in the Nasdaq 100 Index, passive funds are increasingly demanding additional allocations.
Valuation Controversy: Its P/E ratio is among the highest among US stocks, with only a few institutions giving it a "buy" rating. Verification is needed to determine whether the monetization efficiency of its AI products justifies the high premium. Reddit (RDDT) - The "New Oil" of Data Assets
Scarcity Value: User-generated content (UGC) has become the core fuel for large-scale model training, and data agreements with OpenAI and Google have unlocked billions of dollars in annualized revenue. Advertising is driving user growth, while the platform's embedded AI assistant is driving engagement.
Watchpoint: Whether the company can meet its advertising growth expectations in the fourth quarter will support Morgan Stanley's $200 price target.

⚡ 2. Power and Infrastructure: The "Hidden Pillars" of AI Computing Power
Vistra (VST) - The Biggest Winner of the Data Center Craze
Demand Explosion: The share of electricity consumed by US data centers has tripled in three years, and non-regulated power providers are reaping the benefits of market-based pricing. Its "power generation + storage" model adapts to the surging demand for AI computing power, and its year-to-date growth has surpassed leading tech companies.
Policy Concerns: Tighter electricity price controls could squeeze margins, and the cost of transitioning to renewable energy will increase dramatically.
Credo (CRDO) - The "Capillaries" of High-Speed Interconnect
Technology Positioning: Optical DSP chips address internal data center transmission bottlenecks, securing orders from Meta and Oracle. High gross profit margins highlight technological barriers, benefiting from the increased bandwidth demand driven by the expansion of AI model parameters.

💳 III. Fintech Emerging Players: Breakthroughs in the Compliance Wave
Stablecoin Giant CRCL
Policy Dividends: The passage of the US Stablecoin Act has clarified the path to compliance. As the world's second-largest issuer of dollar-denominated stablecoins, it has attracted significant increases in holdings from institutions such as ARK Fund, resulting in impressive stock returns this year.
Ecosystem Expansion: Entering cross-border payments and asset tokenization (RWA), collaborating with BlackRock's BUIDL Fund.
Cloud Computing Service Provider CRWV
Positioning as a "Computing Power Arms Dealer": Deeply tied to NVIDIA, providing GPU-powered cloud infrastructure. With the explosive growth in demand for AI computing power, its scarcity has led to enthusiastic investment.

🛡️ IV. Defense Technology: A Safe Haven Amidst Geopolitical Turmoil
AIRO - A "Technology Bridge" for Military-Civilian Integration
Sector Advantages: Focusing on electric aircraft, drones, and avionics systems, it has benefited from surging global defense spending and policy support. Intensifying geopolitical conflicts are driving increased military orders, and stock prices are showing remarkable resilience.
Technological Barriers: Applying AI to threat detection and predictive maintenance meets the needs of military modernization.

⚠️ V. Institutional Game: A Map of Consensus and Divergence
Targets: Bullish Logic, Short Stake
Nvidia: The robotics ecosystem is disrupting manufacturing valuation logic, with valuations overdrawing growth potential over the next three years.
Vistra: Rigid electricity demand and continued pricing power; policy intervention risks are not fully priced in.
Reddit: The scarcity of its data assets creates a moat; advertising growth may not justify the current high valuation.
Consensus Points:
Demand for AI computing power is still in its early stages of growth, and infrastructure providers (such as VST and CRDO) will clearly benefit.
The US stock market structure needs to expand beyond the "Seven Tech Giants" to multiple sectors, with investors favoring transformational targets in traditional industries such as industrial and power.

🔍Key Observations and Strategic Implications for the Second Half of the Year
AI Commercialization Verification Period (September-October):
Nvidia GTC Conference: Progress on the Robotics Development Ecosystem and Optimus Mass Production Timeline. Biya is a very convenient and easy-to-use tool, particularly for US and Hong Kong stocks. It allows you to access more news, eliminating the need for multiple platforms. It's incredibly convenient and practical.
Palantir Enterprise AIP Subscription Data: If commercial revenue growth remains high, valuation premiums may be supported.
Electricity Demand Tipping Point (November):
The impact of winter energy price fluctuations on Vistra's profit margins and the progress of data center expansion.
Policy and Liquidity Window: Biya remains highly useful.
Federal Reserve Rate Cut Implementation Timing: If rate cuts begin in September, highly leveraged growth stocks (such as RDDT) may benefit.
Stablecoin Legislation Details: Compliant assets such as CRCL will benefit from regulatory clarity.
The Ultimate Strategy:
Offensive and defensive: AI computing power (NVDA, CRDO) + defensive power (VST) to hedge against volatility.
Beware of high-beta risk: Stocks with premium valuations, such as Reddit, require strict stop-loss orders to guard against the impact of liquidity contraction.
New IPOs: Focus on new stocks in the AI chip infrastructure, electric aviation, and fintech sectors.