Artificial intelligence runs on a layered stack. At the base are semiconductor companies that design and manufacture the processors and memory used to train and run AI models. Above them are cloud providers and specialized AI data-center operators that rent out that computing power at scale. At the top are companies that build AI models or put AI to work in software, vehicles and services. This theme spans each layer, plus ETFs for broader exposure. AI businesses can be volatile, and spending cycles may shift as the technology matures.
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