저자: 미상 · 외국인
요약 보기
래리 핑크(블랙록)가 AI 버블 우려를 일축하고 컴퓨팅·전력·메모리·칩 공급 부족이 구조적 병목이라고 주장. 블랙록 13F상 대규모 매수 언급. 브로드컴(AI 매출 221% 증가, 2026 AI매출 580억달러 전망), 마이크론(FY26 매출 1331억달러, 총마진 86.8%, 2027 생산량 75% 이상 선계약), AMD(공간지능·피지컬AI 인수, 매출 성장 51% 전망) 3종목을 강세로 제시.
다듬은 글
Yes, I know a lot of people are afraid of bubbles. I fear more that we will not be able to realize and realize the opportunity for America to emerge as the winner in this artificial intelligence race. What we are seeing now is that demand for computing is growing faster than supply. Who thinks? So I don't see anything about a bubble.
I see a bigger deficit. And if we don't do this...And the shortage is the trade in skilled personnel, the shortage of power and energy, the shortage of chips, the shortage of memory. So across the entire supply chain, from the basic number of people working to the state-of-the-art chip, the computer chip, um, we have a shortage.
While Wall Street bears are warning of a bursting tech bubble as the Nasdaq and S&P 500 hover near record highs, the leader of the world's largest asset manager doesn't believe in pessimism. Larry Fink isn't worried about the AI bubble . He is worried about a massive supply shortage. Demand for computing power, energy, memory, and specialized silicon is outstripping supply at an unprecedented rate, creating a structural bottleneck throughout the AI supply chain.
This is not a sudden turn. Fink has been predicting this growth for several months now, clearly stating his optimistic outlook for the markets over the next 12 months back in July . But BlackRock isn't just talking. They back this vision with tremendous capital. Institutional 13F filings show huge columns of green purchases in BlackRock's top holdings.
They have expanded their equity positions with billions in fresh capital, amassing a whopping $150 billion in specialized networking infrastructure, $121 billion in high-speed memory, and $87.3 billion in advanced acceleration hardware. BlackRock is aggressively accumulating the very companies that were designed to address these bottlenecks in computing and hardware.
In this video, we'll look at three critical stocks from BlackRock's portfolio that I'm very bullish on. First on the list is custom silicon and networking technology giant Broadcom Inc. Ticker A V G O. While Wall Street is focused solely on general-purpose GPUs , Smart Money recognizes that the logical conclusion, actually running artificial intelligence models, is becoming the dominant workload for hyperscalers.
Efficiency reigns supreme in this area , and Broadcom has the best plan. By co-developing AI accelerators, or XPUs, with tech titans like Google, Meta, and OpenAI, Broadcom delivers specialized performance at a significantly lower price. Financial metrics tell an undeniable story of operational dominance.
In the third quarter of fiscal 2026, consolidated revenue increased by 85.5% compared to the same period last year to $29.59 billion, which was the fifth consecutive year of accelerated growth. The growth was driven by the AI semiconductor segment, which surged 221% to $16.7 billion , driven by custom silicon switches and mission- critical network switches.
Management officially raised its AI revenue forecast for fiscal 2026 to $58 billion , predicting that figure will double to $115 billion in 2027 and reach $230 billion by 2028. Despite market hesitation about hardware gross margin changes, Broadcom's disciplined cost structure increased non- GAAP operating margin to 68%, leading to adjusted EPS growth of 96% year-over-year and free cash flow growth of over 110.8%.
Add to that the expansion of software through VMware Cloud Foundation, which already covers 87% of its top enterprise customers, and a key strategic partnership with Anthropic, which positions Broadcom as its primary chip development partner, and the runway for growth looks huge. Institutional data shows steady accumulation in the $342 to $381 price range, while implied option volatility is near 12-month lows, signaling a potential upward volatility extension.
Trading at an undisputed valuation compared to 49% revenue growth and cash flow margin growth, Broadcom offers institutional-grade quality , positioning itself squarely at the heart of the computing supply shortage . Moving on to our second position, we delve into leading memory architecture player Micron Technology Inc., ticker MU.
Wall Street has historically viewed memory as a hypercyclical commodity characterized by booms and busts, but AI infrastructure is fundamentally transforming Micron's business structure. Beyond high-speed memory, the real structural story is happening in the storage space. Enterprise data center SSDs now account for over 70% of Micron's NAND revenue, generating approximately $10 billion in a single quarter, up 10 times from last year.
As continuous inference of AI models expands, huge dataset context windows and key-value cache offloads are forcing AI servers to directly incorporate ultra-fast enterprise SSDs into the high-speed compute chain alongside HBM and DRAM. The fourth quarter financial results were an absolute masterclass in operational scaling.
Revenue for the full fiscal year 2026 grew 256% year-over-year to exceed $133.19 billion, while DRAM revenue crossed the $100 billion mark for the first time in the company's history. Thanks to unprecedented pricing and a high-margin data center mix, quarterly gross margin reached 86.8%, resulting in adjusted free cash flow of $62.3 billion and transforming Micron's balance sheet from a net debt to a net cash fortress of $68.3 billion.
What makes this memory loop fundamentally different is its structural transparency. Micron has 26 strategic customer agreements representing approximately $150 billion in performance commitments through 2030 , with more than 75% of its 2027 production already fully curtailed and prices exceeding previous historical peaks.
Management clearly expects memory demand conditions in 2027 and 2028 to be even tighter than in 2026 due to extreme HBM wafer capacity consumption and delays in new fab construction. As restrictions on share repurchases under the Microchip Act expire in December, Micron plans to begin returning 100% of excess free cash flow to shareholders.
Micron shares, trading at single-digit forward earnings multiples despite four-digit corporate storage growth , represent one of the most asymmetric value creation opportunities in the entire AI supply shortage situation . Rounding out our final selection is semiconductor contender Advanced Micro Devices Inc.
with the ticker AMD. While Wall Street focuses on short-term hardware cycles, CEO Lisa Su is making bold long-term strategic investments to position AMD for the next frontier: physical AI, spatial intelligence, and autonomous robotics. AMD's recent $ 8.2 billion acquisition of Frontier AI World Labs , founded by computer vision pioneer Fei-Fei Li, fully integrates world-class research talent and proprietary spatial intelligence platforms directly under AMD's roof.
With its flagship Atlas World Labs platform, AMD can transform real-world physical environments into interactive 3D simulations. This allows autonomous systems and AI-based robotics to be trained digitally before physical deployment. Similar to AMD's transformational hire of Jim Keller in 2012 , which ushered in the Zen architecture, acquiring a top research leadership position gives AMD unprecedented visibility into the development of model architectures.
This proactive understanding allows them to design precise hardware, software, and server systems to scale to racks before computing bottlenecks arise. Strategically, this acquisition directly integrates AMD Xilinx embedded hardware and Ryzen AI processors directly into a full-fledged physical AI ecosystem capable of competing with Omniverse architectures.
Apart from physical AI, the performance of the cores remains high. Server market share growth relative to incumbents is accelerating with rack-scale systems like Helios securing orders from enterprise cloud partners, while demand for server processors is skyrocketing to handle complex agent-based AI workloads.
Financially, AMD's performance is supported by rapid revenue growth. Forward-looking revenue growth is projected at 51%, while non-GAAP EPS growth is 68%, supported by a growing gross margin profile of 55.7%, allowing for less than 1% share dilution to drive industry- defining research leadership, elevating AMD from a mere chip supplier to a full-fledged contender in the AI ecosystem .
As BlackRock continues to invest in the AI infrastructure supercycle, these three market leaders are uniquely positioned to address the world's computing bottlenecks . Leave a comment below with your top AI choice. Click the Like button and subscribe for more institutional-grade portfolio breakdowns . See you in the next video.
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