Marvell, AMD, Forgent, Oracle, Brookfield named AI picks through 2030

Much of the investing conversation around AI stays fixed on the chips themselves, the hyperscalers that rent out computing, or the model developers heading toward IPOs. Frankel's argument is that the physical build-out requires networking gear, electricity, cloud infrastructure and buildings, so a portfolio can be spread across those layers rather than concentrated in processors.

The five names map onto those layers in different ways. Marvell makes the networking chips and custom designs for large cloud providers, and its data center revenue grew 46% last quarter. AMD sells server processors and is positioning its Helios rack-scale systems as an alternative to Nvidia. Forgent supplies switchgear and transformers, a bottleneck where its $3 billion backlog covers more than 90% of next year's expected revenue. Oracle carries $664 billion in contracted future revenue, though its build-out financing worries investors. Brookfield owns data centers and power generation outright, including Westinghouse.

Frankel frames the set as a balance of growth and value, with Oracle and Brookfield on the value side and AMD and Marvell on growth, and Forgent offering exposure to the power bottleneck. He also notes the common thread: all five depend on continued AI spending, and a pullback in hyperscaler capital expenditures would hurt all of them to some degree.