Serenity Predicts AI Infrastructure Entering a New Narrative Cycle, with Photonics and Memory as Key Themes

Huo Xing Cai Jing reports that on June 15, "White-Haired Stock God" Serenity posted that the three themes he previously proposed—Neoclouds, Photonics, and Memory—are gradually materializing, as reflected in the performance of relevant individual stocks. The investor noted that the market is transitioning from traditional software narratives to a repricing of AI infrastructure chains, with photonics still in its early stages and memory demand potentially emerging as a structural growth driver. He highlighted that certain stocks, such as AAOI and NBIS, have already priced in these thematic opportunities, and believes Nebius has the potential to become a long-term winner akin to an "AI infrastructure version of AWS." Meanwhile, memory chip manufacturers like Micron (MU), SK Hynix, and Samsung Electronics may experience valuation re-rating similar to NVIDIA (NVDA) driven by structural demand. He also cautioned that some names, such as IREN, may underperform due to ongoing fundraising and selling pressure. The core logic behind this view is that the primary investment theme in the AI market is shifting from applications to foundational compute and storage infrastructure, with future returns increasingly driven by focused thematic exposure rather than broadly diversified software strategies.