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Jim Cramer's Sunday column for Investing Club subscribers identifies a clear rotation at work inside the AI trade: memory stocks and semiconductor capital equipment names have been the market's preferred vehicles, leaving the hyperscalers — the cloud infrastructure giants most investors instinctively reach for when positioning around artificial intelligence — trailing behind.
Where the AI Money Has Actually Gone Cramer's column frames the divergence as a "love affair" the market has struck up with memory and semi-cap equipment stocks.
The logic isn't complicated from a buy-side standpoint: memory and equipment companies sit earlier in the AI supply chain, capturing spending before it reaches the platform layer.
When capital expenditure cycles accelerate, the picks-and-shovels names tend to see earnings revisions first.
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