AI Chips (GPUs & Custom ASICs)

Deployable AI compute tracks the minimum of logic, HBM and packaging. Merchant GPUs and hyperscaler ASICs compete for the same upstream capacity.

Design→Foundry→Package→Test→Rack

Tightness score ⓘ

#19 of 56

■ Stable

Supply concentration5

Lead time3

Capex intensity4

Geopolitical exposure3

Pricing power5

Lead time

6–12 mo

Theme 1M

−19.7%

% in uptrend

Metric to watch

Accelerator lead times, custom-ASIC tape-outs, and the mix of GPU vs ASIC in hyperscaler capex commentary.

What would prove us wrong

Weakens if accelerator lead times fall below a quarter while hyperscaler capex guides keep rising — supply would be catching demand.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
NVDA NVIDIA	Demand aggregator for HBM, packaging, optics and robotics compute	NASDAQ US	$204.6	−4.22%	−11.4%	−0.9%	+10.0%	−14.5%	2026-11-17
AMD Advanced Micro Devices	Second merchant GPU source competing for the same CoWoS and HBM	NASDAQ US	$504.8	−10.88%	−18.0%	+4.2%	+135.7%	−22.3%	2026-11-03
AVGO Broadcom	Custom ASICs and Ethernet switch silicon for hyperscaler clusters	NASDAQ US	$326.1	−5.48%	−5.1%	−16.7%	−5.3%	−32.1%	2026-12-09
MRVL Marvell Technology	Custom silicon, DSPs and electro-optics for AI infrastructure	NASDAQ US	$196.4	−10.05%	−26.7%	+1.4%	+131.5%	−37.9%	2026-12-01
ARM Arm Holdings	CPU IP inside custom accelerators, servers and edge devices	NASDAQ UK	$206.0	−9.97%	−29.5%	−13.8%	+88.4%	−53.1%	2026-11-04
ALAB Astera Labs	PCIe/CXL retimers and scale-up connectivity	NASDAQ US	$258.7	−10.93%	−27.4%	−19.4%	+55.5%	−46.4%	2026-11-03

Auto-updated