Dell’Oro reports 182% year-over-year revenue growth in Q2 2026 for semiconductors and components used in data-center servers and storage. Why I spread my AI exposure across the infrastructure chain.
My portfolio remains heavily focused on AI and semiconductors. What I find increasingly important, though, is that the AI buildout is becoming broader.
New Dell’Oro data shows that revenue from semiconductors and components used in data-center servers and storage surged 182% year over year in Q2 2026, driven by DRAM, storage and continued AI infrastructure investment. Dell’Oro also points to sharply higher memory prices, so revenue growth should not be read as equivalent growth in unit volumes.
That fits well with what we are seeing across the market. AI doesn't just need GPUs. It needs memory, networking, servers, storage, power and cooling. That's why I deliberately maintain exposure across several parts of the infrastructure chain.
For me, this is currently one of the strongest arguments against the idea that the AI trade is already over. Valuations can fluctuate — the infrastructure buildout continues.
These companies could also benefit from this theme.
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