05 Beside the chips

The Three Names in the Top Ten That Were Not Chip Companies

Seagate, Dell and Palo Alto Networks were the three names in the most-bought ten that do not make chips. Each arrived with a second company behind it, and each stands for a different idea.

2 of 3

are still bets on the same data-centre build-out as the chips

Three ideas, two companies each Net new fund owners

Storage and memory

Why funds bought it. An AI data centre has to put its data somewhere, and storage is the part of the chain in shortest supply after memory itself.

AI infrastructure

Why funds bought it. Chips are useless on their own. Dell builds the servers that house them and Corning makes the fibre that connects them.

Cybersecurity

Why funds bought it. The only idea here with nothing to do with hardware. More data centres and more data mean more that has to be defended.

Only cybersecurity is a different idea - and UnitedHealth, at 387 funds, was the one large company outside technology anywhere in the top twenty-five.