Bloomberg Surveillance · Wednesday, September 2, 2026
Sebastian Page explained that the 'AI trade' is expanding beyond just CPUs to encompass a wider range of components and infrastructure, including memory, cooling systems, electrical grids, and even specialized components within the supply chain. He emphasized the need for selective investment within this evolving trade.
“The bottlenecks are moving. The AI trade itself is quote unquote broadening. It's not just CPUs or it's memory, it's cooling systems, it's the electrical grid, it's even in some ways aerospace. And even in some small companies that end up producing this little golden component, right? This little piece of the supply chain for AI that becomes a bottleneck.”
“And all of a sudden those stocks go vertical. So studying, understanding the AI trade, where the bottlenecks are moving is a big role for fundamental analysts.”
“Now, the bottom line, when we look at all of it, is that the AI trade continues. You just need to be, and I hate to say it because it sounds like a cliche, but you do need to be selective in how you play the AI trade.”