저자: 미상 · 외국인
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Dan Ives의 'AI 군비경쟁' 논리에 따라 AI 인프라 대규모 자본지출(연 2000억 달러 이상)이 GPU 외 2차 공급망(특수 클라우드, 반도체 장비, 소프트웨어, 사이버보안)으로 흘러간다고 주장. 대표 종목으로 Nebius(NBIS), Lam Research(LRCX), Palantir(PLTR), Zscaler(ZS)를 제시하고 각 사의 매출 성장, 마진, 계약 수치를 근거로 듦. 메가캡 대비 2차 공급망 종목의 수익 잠재력을 강조.
다듬은 글
This is an arms race, and if you think about what SpaceX is doing, the only way to get there is through capital spending. And I believe that this is a double-edged sword— going public, because close attention will be inevitable. Listen, we've seen this in big tech companies, you know, when it comes to hyperscalers in a different format.
This is actually what's happening with SpaceX as they try to catch up with OpenAI and Anthropic, and as we said before, really bring the vision to life. I mean, go back to Nvidia, where it all started with gaming and then moved into artificial intelligence. The reality is that the gold at the end of the rainbow is data and AI, and I think as you go through this arms race, as seen from all the chip and memory manufacturers, the costs go up, and you're no longer just the unique player in the room, you're one of many trying to get these chips and build out the capacity.
While mega- corporations like Nvidia and Microsoft dominate the headlines, private investors, blinded by FOMO, are looking in the wrong direction. Leading Wall Street technology strategist Dan Ives reveals a much more profitable dynamic. 8:1 multiplier effect. For every dollar spent on NVIDIA's primary GPUs, there is an aggressive mandatory infusion of $8 to $10 directly into lower-tier infrastructure, specialized semiconductor hardware, specialized cloud hosting, and enterprise security platforms.
As capital expenditures for hyperscale AI exceed $200 billion per year, smart money is actively moving away from overheated mega- companies. The most explosive profit potential lies not in the obvious well-known brands. It is concentrated at critical supply chain bottlenecks that capture this huge wave of secondary costs.
In this video, we'll break down four high-confidence industry leaders who go unnoticed but are right at the heart of Ives's thesis on capital spending. The first is a specialized compute host that leases liquid- cooled GPU clusters directly to hyperscalers, emerging as a prime target for a multibillion-dollar acquisition.
The other is the indispensable titanium of chip manufacturing equipment, supplying the deposition and etching tools needed to fabricate high-bandwidth memory (HBM). Next, we look at a software giant that is monetizing in the real world, turning raw LLM enterprise experiments into multi-million dollar commercial contracts .
Finally, we'll look at a zero-trust cybersecurity giant that imposes an absolute tax on every dollar of AI computing power deployed on corporate networks. First on the list is a specialized non-cloud technology operator, Nebius Group, NV, ticker NBIS, which is rapidly becoming an indispensable orchestrator of AI infrastructure.
Nebius addresses the bottlenecks in AI computing by moving away from traditional hardware-dependent models to a high-performance platform-as-a-service, franchising its architecture to developers, and using solid oxide fuel cells to bypass network connectivity delays. Nebius is reducing the time to deploy gigawatt- scale sites in North America and Europe, while expanding its presence in huge, fast-growing markets like India.
The company's strategic positioning is supported by a multi-billion dollar portfolio of contracts with large hyperscalers such as Microsoft and Meta, as well as a significant stake in Nvidia, which provides direct access to top GPU architectures. From a financial perspective, Nebius is rapidly approaching projected annual revenue of $3 billion to $3.4 billion by fiscal year 2026, thanks to capacity approaching 1 gigawatt.
With long-term capacity targets reaching 5–7 gigawatts by 2030, the company's valuation represents an attractive arbitrage opportunity for investors looking through the short-term market noise. In addition to computing power rental, Nebius is building a robust software barrier through the integration of key acquisitions such as Clarifai, Tavily, and Iigen AI.
This suite optimizes real-time search, model compression, and agent workflows, allowing the company to generate higher revenue per watt. As hyperscalers continue to aggressively invest, Nebius stands out as a major beneficiary, capturing secondary cost streams in the global AI supply chain. Moving from cloud hosting to silicon hardware, our second stock is Lam Research Corporation, ticker LRCX.
It is a powerful semiconductor equipment manufacturer that acts as an indispensable, highly efficient gatekeeper to the entire artificial intelligence supply chain. Lam Research provides the necessary etching and deposition tools for the production of advanced memory and HBM architectures such as HBM3e and HBM4.
Rather than consuming capital, Lam is a huge cash flow generator, funding its own expansion. This unique financial resilience creates a solid foundation as global spending on wafer fabrication equipment grows to $150 billion. Working in the early stages of the chip manufacturing process, Lam has unparalleled pricing power and operating leverage .
The company recently reported record quarterly results with revenue of $6.72 billion and gross margin that increased to 52%. This is the highest quarterly figure in the last two decades. This momentum is supported by an increase in customer prepayments to $2.43 billion, the development of the service business and explosive growth in advanced packaging, which exceeds 70% year-on-year.
As chipmakers race to equip next-generation factories , Lam's management is forecasting consistent quarterly revenue growth to $8.1 billion with an operating margin of about 39.5%. Importantly, Lam solves one of the industry's most challenging technical challenges—vertical chip stacking. Without their proprietary conductor etching and selective deposition tools, next-generation AI accelerators simply won't be able to achieve the memory bandwidth required for complex LLM processing.
With a solid balance sheet of $1 billion in net cash, zero exposure to debt markets, and a multi-year trajectory to a 50% gross margin, Lam Research is a model rent collector that derives high-margin cash flows directly from the multi-billion dollar capex of large technology companies. Moving from hardware to real-world software monetization, our third stock is Palantir Technologies, Inc., ticker PLTR, a powerful enterprise software company that transforms raw AI infrastructure into operational solutions.
Palantir Technologies is a foundational enterprise operating system that connects complex machine learning models directly to the workflows of corporations and governments. By turning large-scale language model computations into real commercial results, Palantir has effectively silenced critics, proving that high-margin software platforms can reap huge cost advantages from the general wave of AI adoption.
The company's recent performance highlights a massive acceleration in the expansion of its commercial presence. Palantir delivered a stunning 93% year-over-year revenue growth , reaching $1.93 billion in quarterly revenue, driven primarily by an explosive 149% jump in commercial adoption in the US. Its artificial intelligence platform, or AIP, enables rapid client acquisition, securing landmark multi-year commercial deals with major law firms, financial institutions, and global industry leaders.
In the public sector, demand for sustainable defense and sovereign AI continues to grow rapidly, generating $89 million in quarterly revenue from the U.S. government and creating a highly predictable, high- margin foundation. Palantir is demonstrating the power of software operating leverage, generating adjusted operating margins and free cash flow margins well above 60%, with the company scaling its annual revenue forecast to over $8.15 billion without compromising profitability.
At the same time, contract obligations increased by 103% year-on-year to almost $4.9 billion, and the net revenue retention rate reached 157%. Palantir stands out as the undisputed leader in the software space . It effectively bridges the gap between hardware infrastructure and day-to-day business execution, capturing multi-billion dollar corporate budgets .
Finally, ensuring a holistic ecosystem from infrastructure to software. Our fourth stock is Zscaler Inc., ticker ZS. A zero-trust cybersecurity giant that levies an absolute, mandatory tax on every dollar of corporate AI computing deployed on corporate networks. Zscaler operates the world's largest cloud security exchange, intercepting over 750 billion transactions daily.
As businesses transition from static human users to autonomous AI agents, Zscaler is making a major strategic pivot , decoupling its business model from traditional per- seat licensing and moving to a flexible tokenized consumption mechanism . This structural evolution is already delivering significant operational results.
Non- seat-based metered solutions now account for over 30% of new annual contract value, with annual recurring revenue in this segment growing by over 100% year-over-year. Rapid enterprise adoption of specialized platforms like AI Protect, which exceeded $100 million in orders in the first 12 months, underscores Zscaler’s role as an indispensable security barrier for generative models and automated workflows.
Financially, Zscaler continues to demonstrate strong platform performance with high margins. The company generated $850 million in quarterly revenue, reflecting 25% year-over-year growth, while total annual recurring revenue exceeded $3.5 billion. Non-GAAP operating margin increased to a record 23%, along with strong operating cash flows, highlighting the sustainability of profitability.
While near-term investments in specialized edge computing infrastructure are putting some pressure on free cash flow margins, the long-term economics of Zscaler's divisions remain exceptionally strong. By implementing zero- trust architecture directly into mainstream public clouds and enterprise AI pipelines, Zscaler is becoming a major beneficiary, embracing the huge wave of secondary cybersecurity spending caused by the expansion of large technology companies’ infrastructure.
While Wall Street continues to chase overvalued megacap companies, the real potential of multibaggers lies in the secondary supply chain bottlenecks that realize Dan Ives’s 8-to-1 multiplier effect. Place your portfolio where capital is actually flowing. Subscribe now, hit the notification bell, and leave a comment below about which AI stock you're buying next.
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