AI stock valuations and conflicting bets on the boom

A post quotes Atreides CIO Gavin Baker saying valuations across AI companies “just can’t all be accurate.” The post’s broader argument is that related stocks imply inconsistent expectations for data center growth. Its commentary says infrastructure suppliers should command a premium if electricity, cooling and physical capacity are scarce. If accelerated computing is still the scarce resource, it argues, Nvidia and memory makers are probably too cheap relative to the rest of the chain. It also argues that Broadcom could grow quickly in custom chips without taking the most valuable parts of Nvidia’s growth.