on 07-Oct-2026 7 October 2026 US Networking & Communications Equipment AI Value Chain: What do we need to believe to believe the AI build is healthy? Daniel Zhu +1 917 344 8309 daniel.zhu@bernsteinsg.com In terms of calling the cycle, while there are different approaches to measuring and estimate supply, it's generally possible to underwrite well-informed forecasts for AI infrastructure supply. No matter how you slice it, AI infrastructure capacity is growing considerably. We anchor to hyperscalar capex dol ...