AI Infrastructure Is Still the Trade — But Is This Dip Actually Buyable?

Yesterday’s sell-off got interesting.

 $NASDAQ(.IXIC)$   -1%+, $NVIDIA(NVDA)$   -2.5%, $Broadcom(AVGO)$   -3.7%, $Micron Technology(MU)$   -5.9%.

At first glance, it looks like AI is cracking.

I don’t think that’s the right read.

The bigger story is:

Oil ↑ → inflation risk ↑ → Treasury yields ↑ → AI valuations get squeezed

That’s very different from:

AI demand ↓

And that’s the distinction I’m watching.

The AI infrastructure thesis is still intact:

NVIDIA → Compute

TSM → Manufacturing

AVGO → Networking

VRT → Power/Cooling

NBIS / CRWV → AI Cloud

The interesting question isn’t:

“Should I buy the dip?”

It’s:

“Which part of the AI infrastructure chain becomes more attractive if this macro sell-off continues?”

I’m particularly watching NBIS.

Nebius’ recent results showed just how intense the demand for AI infrastructure has become — but after such a huge move, I’d rather wait for valuation to reset than chase it.

I’m also watching A93.

It gives exposure to the Asian AI supply chain through Taiwan and Korea, which is interesting for investors already heavily exposed to US mega-cap tech.

My current playbook:

🟢 Keep core QQQ exposure

🟢 Watch AI infrastructure on weakness

🟢 A93 = interesting diversification

🟡 NBIS = great thesis, don’t chase

🟡 Cash = optionality

🔴 Don’t blindly sell puts while oil/yields are rising

The real AI bottleneck may not be the AI model.

It may be:

chips → networking → data centers → electricity

That’s where I’m looking for the next opportunity.

What AI infrastructure stock are you watching right now — and why?