The AI Supercycle Just Entered Phase 2. Most Investors Aren't Ready.

The article argues the AI “supercycle” has moved from visible GPU-driven gains to a quieter Phase 2 focused on infrastructure, testing, and rural broadband enablement — areas that could drive durable revenue for niche suppliers. It highlights Keysight’s strong fiscal Q1 2026 results (revenue and record orders) and its growing wireline business tied to 800G/1.6T validation, and Calix’s rollout of an AI-enabled platform (Calix One) that’s winning BEAD-funded broadband contracts. The piece is constructive on firms supporting AI buildouts beyond GPUs, suggesting investor attention should widen to these beneficiaries of continued hyperscaler capex and federal broadband spending.