2025年的AI交易赢家仍是“卖铲人”，但最大赢家已不是英伟达

Core Insights - The investment theme in artificial intelligence (AI) is shifting from chip giants like Nvidia to technology infrastructure companies, as investors focus on "picks and shovels" stocks in the tech infrastructure sector [1][3] - Data storage companies have emerged as significant beneficiaries, with companies like SanDisk, Western Digital, and Seagate ranking among the top performers in the S&P 500 index [1][3] Data Storage Sector - Data storage companies dominated the S&P 500 index performance in 2025, with SanDisk's stock soaring nearly 580%, making it the best-performing stock in the index [1] - Analysts predict continued growth in the data storage sector, with Pure Storage Inc. expected to rise from $68 to $94 by 2026, a 38% increase [5][10] Construction and Power Stocks - Stocks related to data center construction and power supply are gaining popularity, with firms like Quanta Services Inc. and MYR Group Inc. being highlighted as key players [7][9] - Companies involved in cabling and electrical construction, such as Amphenol and Emcor Group Inc., are also seeing increased interest [7][10] Cooling Systems and Software - Companies providing cooling systems for data centers, like Vertiv Holdings Co. and Eaton Corp., are noted for their potential growth, with Vertiv expected to rise by 40% in 2025 [10] - The software sector, while underperforming in 2025, is viewed as having attractive valuations, with companies like Snowflake Inc. and Datadog Inc. being monitored for future growth [12]