AlexNet (2012) ignites deep learning. GPU demand explodes overnight as NVIDIA's CUDA becomes the backbone of neural network training.
The foundational era. Raw compute became the bottleneck — and GPU makers became the picks-and-shovels play of the AI gold rush. Without this phase, nothing that follows exists.
| Ticker | Company | Thesis |
|---|---|---|
| NVDA | NVIDIA Corp | GPU monopoly for AI training; CUDA ecosystem lock-in |
| AMD | Advanced Micro Devices | GPU challenger, rising market share |
| TSM | Taiwan Semiconductor | Foundry for every AI chip on earth |
| ASML | ASML Holding | EUV lithography monopoly — AI chip gatekeeper |
| INTC | Intel Corp | The incumbent that missed the GPU wave — cautionary tale; Foundry 2.0 pivot to IFS now a turnaround bet |
Educational framework, not financial advice. Tickers and theses are illustrative of each phase's investment thesis, not recommendations.