Investors look beyond chipmakers for next wave of AI winners in Asia

Investors are broadening their focus beyond semiconductor giants to Asian technology suppliers and infrastructure firms as the next wave of AI spending ramps up. With SpaceX, OpenAI and Anthropic expected to raise “tens of billions” and major tech companies having already committed more than $750 billion to AI-related capex, market participants say valuations for leading chipmakers look stretched. Money is instead moving toward electronic components, advanced packaging, cooling systems, power equipment, server assembly, optical connectivity and testing — beneficiaries include Samsung Electro-Mechanics, Ibiden, Hon Hai, Quanta and MediaTek. Energy-infrastructure names tied to data-center power and transmission are also in demand, and “physical AI” areas such as robotics are drawing investor interest. The shift implies a broader, multi-year demand cycle across a wider set of Asian stocks and energy suppliers, creating potential opportunities outside the marquee semiconductor names.