Summary

• AI’s biggest constraints have shifted from GPUs to memory bandwidth and optical networking, making these infrastructure bottlenecks some of the most important investment themes in 2026.
• AI strategies with greater exposure to memory, storage and networking have outperformed year-to-date as hyperscaler spending remains focused on AI infrastructure.
• Investors should distinguish between AI adoption and AI infrastructure strategies, with the WisdomTree Artificial Intelligence and Innovation Fund positioned more directly around the bottlenecks powering AI growth.

By Christopher Gannatti, CFA

There is a phrase circulating with increasing frequency in conversations about AI infrastructure:

The bottleneck.

Compute - specifically graphics processing units (GPUs) - was the dominant variable in AI progress during the early years of AI, but it has

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