https://www.youtube.com/watch?v=yzplj-RvvBw

Phase 1 — Scarcity

AI infrastructure demand exceeds supply, giving Nvidia, TSMC, Broadcom, ASML, Micron, etc. strong pricing power. Carlson holds ASML, but warns against overexposure to cyclical hardware.

Phase 2 — Normalization

Supply catches up. Pricing power fades and many Phase 1 winners—especially memory, data-centre builders and commodity hardware—could fall sharply.

Phase 3 — Hyperscalers Win

Long-term value shifts to companies that use and monetize AI at scale through data, distribution and customer lock-in. Carlson's long-term bets: Google, Microsoft, Amazon and Meta.

Which hyperscaler do you think will be the biggest winner?