JPMorgan Names Micron, Broadcom Among AI Bottleneck Plays as Supply Constraints Emerge

JPMorgan analysts on June 1 identified artificial intelligence supply-chain bottlenecks as the most critical equity investment theme, highlighting a handful of companies with the scale and technology to provide essential components. The list includes Micron Technology (MU), Broadcom (AVGO), Coherent (COHR), Vertiv (VRT), and Modine (MOD), as well as SK Hynix and Samsung in high-bandwidth memory. The analysts said supply constraints are most acute in HBM, optical networking, and thermal management, positioning these firms as irreplaceable for the next phase of AI expansion. Year-to-date, Micron and SK Hynix shares have surged more than 200%, Samsung about 190%, and Modine over 100%. On June 1, MU rose 6.56%, AVGO gained 2.95%, VRT added 2.43%, MOD jumped 3.29%, and COHR edged up 0.3%. “The real winners in this AI cycle will be those who own the bottlenecks,” JPMorgan wrote. “When demand remains robust and supply is limited, scarcity translates into significant returns.”