What the top funds bought, sold, and why it still holds.
Whale Rock trimmed direct NVDA exposure (from 22%+ to ~18%) while adding Marvell (+45% QoQ), Astera Labs, and Coherent. The signal: the GPU layer is crowded and richly valued. The real alpha is in the companies that sit between the hyperscaler and the chip — custom ASIC networking, optical interconnects, advanced packaging. ASE Technology and Amkor as the packaging picks-and-shovels.
GE Vernova is a top-3 Coatue position. The logic: hyperscalers are committing to 10–50GW data center campuses, grid interconnection queues are 18–36 months in major markets (Virginia, Texas, Arizona), and GE Vernova + Eaton + Vertiv own the mission-critical supply chain. When you're building a city block of GPUs, the transformer matters as much as the chip. GEV's backlog growth is the real-time proxy for AI capex intensity.
The consensus trade is NVDA. The contrarian alpha is HBM supply. SK Hynix and Micron are the binding constraint on GPU performance — not compute, not packaging, not networking. HBM3e supply agreements are negotiated 12–18 months ahead, meaning today's orders determine next year's AI server allocation. SK Hynix holds ~55% HBM market share and is the exclusive HBM4 development partner for NVDA's next-gen GPU. Micron is the backup and is gaining share in the inference layer.
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