The AI boom is creating opportunities beyond Nvidia and chip stocks. We explain the AI value chain and the companies powering each stage of growth. What happened? Artificial intelligence (AI) stocks have been gaining momentum. The Philadelphia Semiconductor Index is up 94.2% year to date. Earlier, we looked at why artificial intelligence has become one of the biggest themes driving global markets. We have previously highlighted AI and data centres as one of the key structural growth themes, supported by significant capital spending from hyperscalers and government initiatives to expand digital infrastructure. As technology stocks continue to rally, we also discussed whether the AI gains are justified by stronger fundamentals or whether valuations have started to run ahead of earnings expectations. The next question is where value is actually being created across the AI supply chain. AI is far more than a handful of headline names. Behind every AI model, generated image and autonomous decision sits a complex network of chip designers, foundries, equipment makers, data centre operators, software providers...