与此前 Nvidia 长期占据领先不同，Nvidia 2025 年上涨 40%，但仅列标普 500 第 71 名，显示「大盘权重股」的涨幅在走弱。市场关注点转向云服务商为新数据中心投入的「数十亿美元」资本开支，以及这些资金流向中更分散、估值更具弹性的受益者。
对 2026 年的预期更强调「上行空间」与相对回报：分析师对 Sandisk 2026 年平均目标价 264 美元，较约 244 美元仅约 +8%；Pure Storage 68 美元对 94 美元，约 +38%。其它链条也给出明确对比：Vertiv 2025 年上涨 46%；软件板块 2025 年仅 +12%，落后标普 500 的 +17%，令估值更具吸引力。同时也提示风险：若类似疫情期间 6–12 个月就出现供给过剩的情况重演，相关受益股可能回撤。
In 2025, the AI trade broadened from a few giants to “pick-and-shovel” infrastructure. In the S&P 500, data-storage stocks led: Sandisk rose almost 580% to be the top performer, Western Digital ranked No. 2, and Seagate ranked No. 4; meanwhile, AI-linked power and cable/fiber names (such as Amphenol, Corning, NRG, and GE Vernova) were among the Top 25.
Unlike recent years when Nvidia dominated the theme, Nvidia gained 40% in 2025 but was only the S&P 500’s 71st-best performer, signaling waning percentage gains in mega-cap leaders. Attention is shifting to hyperscalers’ “billions of dollars” in new data-center spending and to lesser-known beneficiaries with more valuation and growth runway.
2026 expectations emphasize relative upside: Sandisk’s average 2026 price target is $264 versus about $244 now, roughly +8%, while Pure Storage is $68 with a $94 target, about +38%. Other “infrastructure” signals include Vertiv up 46% in 2025; software lagged with the S&P 500 Software Industry Index up 12% versus a 17% rise in the overall benchmark, making valuations look cheaper. A key risk is a pandemic-style boom-to-glut reversal within 6–12 months if spending slows.
