AI Stack/AI accelerators · GPUs · ASICs

AI accelerators · GPUs · ASICs

High bottleneck

GPUs, TPUs, custom hyperscaler ASICs, and merchant inference silicon designed for training and serving large models.

This layer captures the most visible AI dollars today. It is also the most contested: incumbents face hyperscaler in-house silicon, merchant challengers, and shifting workload mix between training and inference.

Public revenue

$1.31T

Wtd YoY

36%

Wtd GM

62%

Wtd OM

42%

Avg fund

Avg tech

Market structure

Current TAM

$200.00B

5y TAM

$500.00B

5y CAGR

20.0%

Companies

Margin structure

Mixed

Concentration

Concentrated

Capex intensity

Medium

Commoditization

Medium

Drivers

What grows the pie

↑Training compute scaling
↑Inference workload growth
↑Sovereign AI buildouts

Constraints

What can break the thesis

↓HBM and CoWoS supply
↓Hyperscaler in-house competition
↓Customer concentration

Upstream dependencies

Foundries Packaging EDA Semi IP

Downstream consumers

Servers Data centers

Companies in Accelerators

Ranked by composite score

Company	Mkt Cap	Growth	FCF%	Val	1Y	Tech	Fund	AI	Score	View
NVDANVIDIASA Put	$5.41T	73.2%	26.9%	19x		84	83	99	79	Overextended Momentum Trade
GOOGLAlphabet	$4.71T	21.8%	6.6%	27x		87	67	94	73	Strategic Compounder
AVGOBroadcomSA Put	$1.98T	29.5%	37.4%	23x		85	81	90	73	Overextended Momentum Trade
AMDAMDSA Put	$729.82B	37.8%	19.2%	35x		82	73	88	65	High-growth Infrastructure Bet
ALABAstera Labs	$49.28B	93.4%	24.0%	68x		71	78	80	65	Overextended Momentum Trade
AAPLApple	$4.44T	16.6%	22.4%	31x		80	73	65	64	Strategic Compounder
ARMArm Holdings	$273.16B	20.1%	15.7%	84x		81	72	80	63	Overextended Momentum Trade
MRVLMarvell Technology	$163.55B	22.1%	17.6%	34x		83	68	78	62	High-growth Infrastructure Bet
MPWRMonolithic Power Systems	$76.31B	26.1%	16.6%	52x		84	73	70	61	High-growth Infrastructure Bet
QCOMQualcomm	$213.45B	-3.5%	21.6%	19x		61	61	55	60	Watchlist Only
PRIV-CRBRCerebras SystemsPrivate	$5.00B	120.0%	-40.0%	—	—	—	52	60	53	Watchlist Only
PRIV-GROQGroqPrivate	$6.50B	150.0%	-40.0%	—	—	—	51	55	49	Watchlist Only
PRIV-TENSTenstorrentPrivate	$2.50B	200.0%	-40.0%	—	—	—	50	45	47	Watchlist Only
INTCIntel	$597.89B	7.2%	-15.4%	77x		81	45	55	47	Turnaround Optionality