A sharp rise in AI infrastructure spending has catapulted many tech stocks in the US to huge returns over the past 12 months. Technology accounts for almost all of the top gainers on the Nasdaq in this period, and all are direct beneficiaries of the AI boom.

The AI buildout is spreading beyond NVDA. Four infrastructure stocks are capturing a $700 billion wave most investors keep selling too soon.

A sharp rise in AI infrastructure spending has catapulted many tech stocks in the US to huge returns over the past 12 months. Technology accounts for almost all of the top gainers…