After the post-risk unwind, the market is clearly rotating back into undervalued AI exposure.
I think the current leaders - $SanDisk Corp.(SNDK)$ , $Micron Technology(MU)$ , $NEBIUS(NBIS)$ , $Applied Optoelectronics(AAOI)$ - still have momentum as core AI infrastructure names continue to attract flow.
But what's more interesting here is the second wave trade: beaten-down AI-relevant software names starting to re-rate.
$Reddit(RDDT)$ stands out - not because it's already fully priced as an AI winner, but because the market is beginning to re-assign it into the AI bucket more aggressively.
This is usually how rotations start: infrastructure runs first, then secondary AI beneficiaries catch up.
Feels like that catch-up phase is just getting started.
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