伯恩斯坦：2026年美国半导体及半导体资本设备行业研究：AI驱动下的投资机会-Sanford C. Bernstein（英文版）

The only game in town? The AI theme has grown so large that it is now dragging everything in the space along with it (except, perversely, the AI compute names themselves). But the appetite to play the constraint/bottlenecks has continued as attention rolls from one to the other (hitting memory, semicap, optical/networking, analog/power, and, most recently, CPUs), and even intensified as investors pursue what, for many of them, remains the only game in town.