Stocks The AI Infrastructure Trade Catches Its Breath
Have you heard of Ferdinand de Lesseps? He was a French Orientalist diplomat who later developed the Suez Canal. But when he broke ground on the Suez in 1859, his skeptics dubbed it the most expensive ditch in history. To be fair, the cost was astronomical. Lesseps’ project consumed $100 million in 1869 dollars, nearly double the original estimate, and bankrupted the French development company that built it. But it didn’t matter who went broke building the Suez… Once the canal was built, every ship crossing between Europe and Asia had exactly two options: The Suez Canal or bust. The infrastructure created captive, permanent demand, and the companies supplying the coal, the dry-dock services, and the port operations on both ends collected tolls for the next century. The bears calling tops on AI memory and cloud infrastructure are falling prey to the same blind spot. They’re watching the stock price rather than the $725 billion in hyperscaler capex that’s already been committed. Capital has to land somewhere, and that “somewhere” is increasingly SanDisk’s (SNDK) fabs and Nebius‘ (NBIS) data centers. That’s the through line of this week’s Being Exponential, which we just debuted with a brand-new format. Our team has shortened the show, streamlined the topics of discussion, and built this episode of Being Exponential With Luke Lango around five stock stories. More importantly, we’ll now have an extra podcast each week! Going forward, you can expect them in your inbox on Wednesdays and Fridays. In the latest episode, we walk through Intel Corp. (INTC), Palantir Technologies Inc. (PLTR), Duolingo Inc. (DUOL), Nebius Group N.V, and SanDisk Corp. We cover the bullish, the neutral, and the bearish. But there’s two AI infrastructure names where the market keeps trying (and failing) to call the top… Check out the podcast by clicking the video below:
https://investorplace.com/hypergrowthinvesting/2026/05/the-ai-infrastructure-trade-catches-its-breath/
