Would you believe a stock on SGX is up roughly 5x this year, riding the same AI wave as Nvidia and Micron, and most people barely noticed? That stock is AEM Holdings. They’re not the obvious plays. You won’t find them designing chips or training models. Definitely not the sexy stuff. Instead, they sit quietly inside the value chain, making the parts, the testing gear, and the consumable tools that the entire industry runs on. And AEM is just the start. What’s interesting is that many of these companies aren’t new stories. They’ve been around for years, steadily building capabilities, expanding customer relationships, and strengthening their business models. The gap, more often than not, has been in how they are perceived. But that may be starting to change. As the AI narrative broadens beyond just the obvious winners, more attention is shifting towards the companies that enable the entire ecosystem to function. And for investors, that shift matters....