Stock-Investment Research · Public release

AI Infrastructure Thesis

A stock-investment thesis across global AI infra markets

1,500+ analyst-hours of research compressed into 67 pages. What 38 AI infra CEOs/CFOs said across 6 countries — ~74,000 pages of real earnings calls distilled into a fact-checked, falsifiable, position-sizable thesis on the entire AI compute stack. Every claim cited to a dated management quote.

The AI compute supply chain — 7 layers, 38 stocks, 6 countries

7 layers · 38 stocks · 6 countries · supply-chain edges from earnings disclosures

FreeOpen access Public release

67-page English + 54-page Chinese · Read or download both PDFs · No signup

Read English · 67pp → 阅读中文版 · 54pp →

Educational research only · Not investment advice. See Terms & Disclaimer.

01 · What's insideFindings you'll get

Concrete, fact-checked numbers from real management disclosures — each linked to a verbatim quote in the report:

+4,347% YoY

Cambricon achieved its first full-year profit with H1 2025 revenue growing 4,347.82% YoY to CNY 2.88 billion — optimizing MLU architecture for DeepSeek & Qwen.

Cambricon MD&A · 2025-06-30

~$585B floor

US hyperscalers established 2026 capex floor at ~$585B+ — Amazon alone guiding to "invest about $200 billion in capital expenditures... predominantly in AWS".

AMZN earnings call · 2026-02-05

0% HBM mention

Chinese cloud disclosure suppression signal — BABA/BIDU/TENCENT/KC mention HBM 0% of the time in English IR transcripts despite confirmed deployment via grey channels. The disclosure gap itself is the trade signal.

Cross-corpus, 2024-06 onward · N=4

+282.64% YoY

Eoptolink revenue skyrocketed in H1 2025 — Chinese optical leaders hold near-monopoly on 800G/1.6T mass production, face zero US export-control risk, ride the $585B US hyperscaler capex boom.

Eoptolink MD&A · 2025-06-30

+359% YoY RPO

Oracle's remaining performance obligation surged 359% YoY — multi-cloud signals confirming the second-tier hyperscaler ramp.

ORCL earnings call · 2025

+60% orders

Vertiv liquid-cooling orders up 60% YoY with 1.4× book-to-bill — physical bottleneck for AI data centers is now power and thermal.

VRT earnings call · 2024-09-12

02 · How it was builtMethodology

This is not a chat-bot summary. It's the output of a multi-agent pipeline reading real public filings:

Corpus

1,590 transcripts

Earnings call recordings from 38 AI infra companies, 2024-06 to 2026-03, across US, China HK/A-share, Korea, Taiwan, Japan, Netherlands.

Filings

26 MD&A digests

Structured digests of 55 Annual / Interim Report PDFs — ~13,000 pages — surfacing supply-side signals invisible to English IR.

Events

1,445 disclosure events

Dated corporate events from A-share & HK public filings — product launches, contracts, lawsuits, joint ventures.

Verifiability: Every numerical claim and quote traces to a specific dated public source (company IR pages, SEC EDGAR, HKEx, Cninfo). Forward-looking statements explicitly flagged. Falsification criteria stated upfront.

03 · PreviewWhat it looks like

Real pages from the report — page 1 (cover & corpus stats), page 5 (macro thesis · Section 1), page 8 (supply-chain coverage matrix):

Page 1 · Cover

Page 5 · Macro thesis

Page 8 · Layer coverage

04 · Table of contentsWhat's in the report

Part 1 · Investment Thesis

Section 1: Global Macro Thesis · the dual-track Chinese AI engine
Section 2: Supply chain layered analysis · cloud → chip → server → optical → foundry/memory/equipment
Section 3: Top 8 highest-confidence Long positions (with rationale + NAV sizing)
Section 4: 5 Pair trades · 1.6T optical / compute rationing / foundry / auto-chip / HBM contrarian
Section 5: Cross-layer mention-rate matrix · HBM disclosure suppression analysis
Section 6: 90-day actionable catalysts watchlist (15 events with dates & tickers)

Part 2 · Source & Data

Section 7: Per-company analysis · MSFT, GOOGL, NVDA, AVGO, AMD, ASML, TSMC, BABA, Cambricon, SK Hynix, more
Section 8: A-share / HK companies via public disclosure events
Section 9: Per-ticker key-development summaries
Section 10: Methodological caveats and disagreement-check (English IR vs A-share MD&A)
Section 11: Coverage takeaways

05 · FAQCommon questions

What format?

Two PDFs: 67-page English + 54-page Chinese. Open them directly in your browser or download to read offline — bookmark and re-read anytime.

How much does it cost?

Nothing. This report is free and openly available — no signup, no paywall. Both the English and Chinese PDFs are linked above.

Is this investment advice?

No. This is published research and educational material. Agentic Sciences, Inc. is not a registered investment adviser. The Long/Short notations and NAV-sizing references are illustrative analytical constructs for the reader's own analysis. See Terms & Disclaimer.

Updates?

v1 is point-in-time research (data through ~2026-03). Future versions (v2 with Q2-Q3 2026 data) may be published separately.

Can I share it?

Please link to this page rather than re-hosting the PDFs. Brief quotations for review or academic citation are welcome under fair use with attribution to Agentic Sciences.

06 · ReadGet the thesis

FreeOpen access Public release

67-page English + 54-page Chinese · Read or download both PDFs · No signup

Read English · 67pp → 阅读中文版 · 54pp →

Educational research only · Not investment advice. See Terms & Disclaimer.