ChipsThe story, in brief
The chip and memory stock frenzy
While everyone chases the next model, semiconductor stocks are quietly outpacing software. Here's why.
The KeyNews take
Why it matters
As AI model development plateaus relative to infrastructure demands, capital and investor attention are shifting toward chip and memory manufacturers—the unglamorous but essential backbone of AI deployment at scale.
The key facts
4 to knowSemiconductor stocks outperforming AI software stocks (May 2026)
Software AI spending growth decelerating relative to hardware infrastructure needs
Memory and chip manufacturers becoming critical bottleneck in AI scaling
Market shift away from model-focused narratives toward infrastructure/capex plays
Go to the source
Financial Times Technologyft.com
Publisher excerpt: As software lags, semiconductors catch up to the AI spending