Tech stock strategist Shay Boloor says the market has entered a new phase where the AI trade is no longer just a feature but the foundation of a new economy.
The chief market strategist at tech-focused research firm Futurum Equities says on X that a group of stocks will emerge as the winners of the next phase of what he calls an “AI-driven economy.”
“We’re not in an ‘AI feature’ cycle anymore; we’re in an AI economy. Stage one was provisioning — GPUs, fabs, scaffolding. Stage two is utilization — turning that capex into tokens, tasks, and outcomes. The debate isn’t ‘who has the best model’ but ‘who owns the metered points where intelligence becomes revenue.'”
At the top of his list is Alphabet (GOOGL), which he says is no longer an ads company as it generates income across tokens, models, and infrastructure.
“GOOGL just had its first quarter where AI became a monetization engine across the stack. Search is back to double-digit growth with AI Overviews driving more than 10% more queries, Gemini 2.5 now reaches 450M+ MAUs, and AI Mode already has 100M+ users. Cloud accelerated to $14B revenue (+32% YoY) with margins above 20% and backlog up 38% to $106B, while YouTube grew 13% with Shorts monetizing at higher rates per watch hour.”
Another projected winner in the AI race is Broadcom (AVGO) after the firm bagged a $10 billion XPU deal with OpenAI.
“If intelligence is the new GDP, inference is the tax — and AVGO owns the meter. The $10B XPU award was full racks-in-a-box, bundling custom silicon, HBM, and Ethernet into time-to-capacity. XPUs now drive most of their AI semi mix, and each new cluster expands networking and software annuities.”
Astera Labs (ALAB) is also set to dominate with its connectivity chips, says Boloor.
“And just like Broadcom is taxing inference at scale, ALAB is becoming the toll booth inside the rack — its Aries, Taurus, and Scorpio connectivity chips let GPUs, memory, and accelerators actually talk to each other. As clusters get denser, the meter broadens: Broadcom collects at the system level, Astera Labs at the lane level.”
Boloor adds Snowflake (SNOW) liquefies data, allowing AI agents to act.
Other winners in his list are Microsoft (MSFT), Nebius (NBIS), IREN (IREN), Tesla (TSLA), CrowdStrike (CRWD), Cloudflare (NET), Palantir (PLTR), and MongoDB (MDB).
The tech market strategist highlights that the AI trade is still in its early days.
“So no, it’s not ‘too late.’ This quarter didn’t close the AI trade or prove how mature this cycle is — it proved how early we still are. The center of gravity is shifting from pilots to production, and the bottlenecks are visible: compute, power, bandwidth, and control planes. I’m all-in.”
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