Model-lab revenue surge · IPO funds compute training + inference demand Hyperscaler capex budgets MSFT · AMZN · GOOGL · META orders to silicon — NVDA · AMD · AVGO · MRVL accelerators custom silicon HBM memory CoWoS TSMC path pricing fades capex scrutiny ↑ data-center buildout power · cooling VRT · power gen AI networking ANET AI servers DELL · SMCI supplier revenue across the waterfall chips + HBM TSMC foundry AI servers AI network power · cooling