Artisan Partners Limited Partnership - Antero Peak Strategy on Applied Materials
Thesis
Applied Materials is part of the strategy's Compute Infrastructure theme. The fund originally identified growing digital infrastructure demand but believes the opportunity has expanded substantially with the emergence of AI. Increasing computation requirements are driving investment across semiconductors and the physical infrastructure required to build and operate AI systems. With hyperscaler spending expected to continue rising significantly, the fund sees the semiconductor infrastructure buildout as a large, multi-year capital formation cycle.
“The opportunity expanded from networks into semiconductors, compute, power, cooling and AI infrastructure.”