Summary

• I said it before, and I say it again: not all investment pockets within tech are rising with the tide equally. The market is buying bottleneck beneficiaries.
• Beyond memory, I found another bottleneck trade. The bad thing is, I already missed the train, as some of the beneficiaries are up quadruple digits in the last year.
• I'm talking about the Indium phosphide (InP) bottleneck, which is constraining the production of optical lasers and transceivers.
• My exposure is just under 5% of my portfolio's NLV. I am late to the trade, but I may add after a pullback if several conditions are met.

I still remember back in October when the bears were talking about the AI bubble. Interestingly, the narrative today has changed, and the words “it’s 1999 again” are now common.

To that, all I say is: sure, let it be 1999 again.

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